Technicians are acutely aware of the gotcha rule. Market gives a buy signal, promptly turns around and goes the other direction, which is what the market is doing as we speak. Broke above the horizontal line at m/l 11500 and then yesterday broke down. We shorted it on the close and are short today — a trader’s play. Not totally smart. Also shorted the gold and silver. Closed those trades and now long the gold. A false signal followed by a second signal in the other direction is generally thought to be a very strong signal.
The contrarians who drove the market up are now selling it sharply. Not having any convictions we ride the horse in the direction it’s going.