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I'm a bit more 'worried' about options expiration than the 3 day weekend theory. The action to the upside this week still lacks strong buyer conviction. Oscar is a pretty sharp, confident trader. I've followed Brian Shannon for a while now. I know he makes some profitable trades, but he's taken mostly a neutral stance since July 2007. Shannon is good, no doubt, but he knows alot more about what's going on behind the scenes than he let's on in his blog.
I actually emailed Shannon a few weeks back regarding his opinion on the removal of the uptick rule. He replied that it's making for much quicker action on the drops and squeezes. Really doesn't help any of us since none of us are in the same league as him, but I'm sure from his standpoint, it's just another way to make the fast money come in even faster.