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This kind of pin action doesn't make the hearts of the levered long momentum investing community grow fonder - that, I can assure you. Since my "Fading Fast Money" call on May 21, Alcoa has lost 1/3 of its value.

Short interest is only 2% of the float and we have some "concentrated" hedge fund players on the top holders list that are getting pretty good at buying tops. This continues to look like a great cyclical short.

Earnings season has officially begun.
KM

(chart courtesy of stockcharts.com)