Futures
Dow -58
SP500 -10.50
NAS -36.25
As mentioned yesterday the 'rally' was on extremely low volume I.e. orders and the overnight news-plenty of it- is now going to be a catalyst to sell. The short positions who have bailed that acted as fuel will no longer be available to add to buying pressure.
When you cover a short it is The same as buying long shares.
That is just a mechanical function of your borrowed shares to initiate a short position to start with.
You do not really own shares in a short they are 'borrowed'
Oil at $52 and looking to drop but who knows. This market is very unpredictable now.
Low volume rally's tend to end poorly as it lacks the commitment and strength needed to convince buyers it is real…on the long side.
Gold Silver steady