OK I should have known - SHP's incredible up run will not end with a whimper but with a bang. Volatility is a sign post to change and volatility we sure as nuts got today. Price swing between 6671 (new high) and 6255 is not trivial and the widest price swing that meets the eye. SHP ended virtually unchanged after such fireworks which indicates indecision is present - the bulls and bears ended the day exhausted and bruised succumbing to a "kiss your sister" draw. Do buyers really want to push SHP up too new highs in this current uncertain climate - I most certainly wont feel comfortable bidding to buy SHP at or close to all time highs.... maybe others feel the same way.... Spike highs are fairly reliable indicators of highs put in place as pro's close out longs where others place stops. Need some liquidity to close out a large position? - then go where the stops are....
If you have been stopped out of your short then so be it - maybe sit on the sidelines till a more definitive breakdown occurs... I still feel (relatively) comfortable being short although my comfort level has diminished somewhat. Next few days could be very volatile with futures close out looming - if you cant stomache price swings then take a seat and wait for calm to return.
Good Trading.
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