Market Spikes, Gives Great Shorting Opportunity
The markets are spiking sharply higher today on extremely light volume. Most markets in Europe are closed today. This is like the analogy, when the cat is away, the mice will play. Light volume, no problems in Europe mean solid upside but also a great shorting opportunity for smart traders. The SPDR S&P 500 ETF (NYSEARCA:SPY) is trading at $141.54 +1.77 (1.27%).
One stock nearing an awesome shorting level is International Business Machines Corp. (NYSE:IBM). After taking a beating on earnings results, the stock has jumped back up. Just a week ago, IBM hit a low of $196.79. It is now trading at $208.65.
The master short level coincides with a major gap fill. This level is $209.45. A pull back is extremely likely off this level, back towards the $200.00 area.