U.S. Steel has been a one way train on a one way track. Truly an amazing run over the last one month period, gaining 84%. Think about that, 84% gain in approximately 24 trading days. It is rare you see a billion Dollar company pull such a stunt. The reason for the gain can be chalked up to great market conditions, decent earnings but also a big short squeeze. U.S. Steel has been one of the most heavily shorted large cap stocks for quite some time, especially since the commodity market dipped hard on oils collapse.

One of the toughest things to do is sell short a company on a raging bull run like this. I understand. It is scary, emotion tugs at you, you think the risk is big. However, logic show that in reality the fundamentals have gotten too far ahead of this name, not to mention the technnical extension run.

The SPDR S&P 500 ETF Trust (NYSEARCA:SPY) floated higher today on light volume after GDP grew less than expected at 1.2%. The light volume enabled the S&P 500 to float out of a tight range it had been holding for the last twelve trading days. This does leave the markets in a slightly bullish manor going into next week. Note the chart below.

The Nasdaq 100 QQQ opened higher hitting a key double top on the daily chart. The highs hit stretch back to late 2015. The QQQ has run from $101.75 to $115.40 in a month. That is a move of 13.4% on an index. One of the biggest moves historically in such a short time frame. I think it is worth mentioning as well that the QQQ hit this double top today on the back of Facebook, Alphabet and Amazon earnings. Basically, full fledged euphoria.

The technical way to trade this is to short the market and it makes perfect sense. While average investors are going to be too fearful of shorting the QQQ, smart money recognizes the double top and understands that markets top on euphoria. 

This morning at 8:30AM ET, the news hit that second quarter GDP came in at 1.2% for the second quarter. Expectations had been for 2.6% GDP browth The first quarter was revised down to 0.8% growth. While the stock market is mostly shrugging this off, it will change the tune of the Federal Reserve from just two days ago. On Wednesday, the Federal Reserve had hinted they may consider raising interest rates in September and/or December 2016. This came on the back of a better jobs report last month and almost no seen economic impact from Brexit.