..but..its to be expected. I remember the same thing happened last July. Such a ramp short-stopped me out of a PCX short position (it was $24 at the time). Around 15 days later PCX was $12 (current price is 20 cents or so).
So..nothing has changed..and indeed..is as expected. The smarter bears will be quietly waiting until next week to re-short.
sp'60min
sp'daily5
Summary
I'm a little surprised at the size of the early morning ramp, but regardless, it makes for a good start to micro-wave'2..of the big'3.
This up wave should probably last until Tuesday, somewhere around 1355/65. No higher!
More later