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Strategies & Market Trends : Sharck Soup
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To: American Spirit who wrote (14809)4/5/2001 1:48:02 AM
From: Onedodd   of 37746
 
AMEN, That was very well put and it seems people are just ignoring exactly what you are saying. But I guess they will short until the market turns and forces them to cover. I did happen to be short the last six weeks and did fairly well. I covered last week thinking this has just gone way way to far. I guess I was wrong but it is almost identical to last March when we were at 5100 and alls I heard was 6000 next and the Nasdaq would pass the DOW and so on and such. The thing is that as many people that got burned last spring and summer when we came from 5000 to under 3000 isn't nothing to what will happen if this market really does turn around. Especially when they start panic buying to cover all these shorts in the market. Oh how fast some of these beaten down techs will fly, especially when some start to announce some really good news. I have to disagree with you on one little point though, I think we will see much more than some doubles on quite a few stocks. Don't we have something like record short interest right now? I hope you are right and the "irrational exuberance" of the shorts is beginning to slow because I am more than ready to go long. I was long last year and I shorted some this year and I must say personally I hate shorting with a passion. I get nervous when I'm short as I still have some left over exuberance from last year and in the back of my mind I still think this market will explode to the upside everyday and I'll be screwed! But it never happens, except for Jan 3 surprise rate cut day. Thank the stock Gods I wasn't short that day. I couldn't buy fast enough, I know I couldn't buy to cover fast enough.
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