Looks Like A Top–Here’s Why

Posted by Joe Duffy | Apr 23, 2026 | Joe Duffy's Trading Advantage | 0 |

On Wednesday I got off the patience fence and moved to the short side for subscribers. My short side picks were IBM (since confirmed by poor earnings reception after the close), DKNG, QCOM, ORCL, IBIT, PYPL.

I think the market has likely seen a top. I believe there is considerable downside risk here.

As I said a couple days ago, the stock market is in the 95th percentile of long commitments according to the CFTC Commitment of Traders Report. That’s not a good situation because if it starts to go down there are a lot of longs to close. Further with few shorts there are no natural short cover buyers.

Thanks,

Joe

PS-Recently I opened up a new program that I have been working on for the past few years. At a key point, I tweaked the formula and this thing has been absolutely on fire. If you want to see the trades it is kicking out, click here.

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Joe Duffy

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