"TRADING RALLY"
That's what that was yesterday. I just saw it on CNBC. "Trading Rally". I think probably they decided to call it that so Maria didn't look like a fool for calling that short squeeze a "rally". Pretty funny, eh? Trading Rally.
That must mean that some traders are short and some traders are long, and yesterday the ones that were short did this thing where they covered a lot of their short positions because the market refused to stop going up and then they were done this morning and the market went back down.
I for one feel safer knowing that CNBC is astute enough to call a short squeeze a "trading rally" so as not to upset the kiddies.
By the way, I forgot to mention this earlier, but I saw one of the funniest things I have ever seen on TV a few days back. It was so funny I wrote it down.
I was flipping over to CNN for some reason, and there was this Tom Costello alternate character standing in front of some gigantic charts and talking about them in what appeared to be an informed manner.
I should interject here that I have mentioned on several occasions to several friends that if I were a trader on the floor of the CBOE or the NYSE, I would be sorely tempted to feed Bob Pisani Live on the Floor of the New York Stock Exchange some goofy made-up chart pattern, like a candlestick pattern called 'Dead Lotus Blossom on Mount Fuji' or 'Concubine With Three Pillows' or something and see if he would actually say it on television.
OK, back to my story:
On May 1, at 10:12 am, on CNN Financial, was a young lady named Sasha Salama. She showed a one-day chart of something, I did not commit it to memory, that was going straight down hard. Like STRAIGHT down.
Sasha explained that this was what some analysts call The Ski Slope Chart Pattern. Now back to you in the studio.
I spewed a double amount.
Did you see the chart of today's COMP they showed on CNBC? Very amusing to me personally.
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