The SPY had closed up 6 straight days and gapped up on each open. Combine that with the hot call buying, it usually means we are due a short term retrace. With POMO always running, instead of a couple of red days on these wild v shape runs, we get a couple of small green days to relief the overbought condition. The interest rates continue to fly up with some high beta momentum stocks getting hit today and we also have some aggressive put buying during mid-day. Could this be foreshadowing a pause on the horizon?
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