CRISPR Therapeutics (CRSP) is soaring to new highs today. I last looked at CRSP back on October 5 and wrote that, "I am not yet convinced that CRSP can rally strongly BUT a close above $89 tells me that traders could go long risking a close below $80. Take profits around $102 if available."
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It feels like these companies are casting a wide net, but it makes sense to file at the beginning of this mushroom mania.
Short selling is a powerful tool, but it is not just the inverse of going long and requires a very different mindset to do it effectively.
I believe the markets are headed lower - probably not in a straight line or as steep as the last few days, but in a saw tooth fashion lower.
It is premature to declare that the worst is over, but the intensity of the selling will go a long way toward helping a bottom to form.