by Rick Ackerman
RickAckerman.com
Easy come, easy go.
The gains racked up by Monday’s short-squeeze were reversed today when the broad averages fell steadily off a bull-trap high recorded by index futures during the night session.
I’ve characterized the brazen distribution going on as reeking like dead fish, but the inevitable big move down awaits the day when bears — the main source of buying power these days — have covered the last share of their short positions.