ON Inventory 100% short from Friday close, we are currently being held up and position is being put together. Will want to see a correction at the open or before to sell this and then see if we will keep going lower or will we have all the supply to take this thing higher? Big levels to watch on the downside are 4572 - 4546 - 4522. We are under T+2 Close if we dont get back in range and hold then can see some margin call selling and hit some of those lower levels maybe lower depending on order flow. On the upside we need to get back over 4640 and then we will have a lot of stops at 4672 - 4705 but that will only happen if we have all of the supply and there will be no more selling. Have to stay open and look at both sides at all times.
Comment:
Took a sweet ride from 74 to 93.75 after we looked below 72.75 level and failed