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Strategies & Market Trends : Joe Stocks Trader Talk

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To: Bridge Player who wrote (763)	4/12/2002 6:41:49 AM
From: Joe Stocks	of 787

That was one strong rally after the close. I waited till after close to short to see if there would be any breaking newsto move the market up figuring that at least I had the Thursday behind me for a possible carry over of thursday's action into Friday. I guess I didn't wait long enough. That said, the "knee-jerk" reaction seemed overdone. BRCM lifted a full point aswell as others. I added a few more shorts thinking it was overdone thinking the risk/reward favored being short at some of these higher levels and that the IBM news would be further digested by the am and some would be wondering why they paid so much for basically a "non-event". Of course in this market I thing the odds favor chances of bad news but I may have mis-calculated the "need" for some good news at these levels. The response was overdone but I sit here now regreting my knee-jerk reaction to add to my short position. The big money types could use this occassion to add to the momentum. We will see. If the market opens up flat I will probably cover. If it opens real strong I will probably move my stops to just above the mornings high. If the market opens down I will....well let's just say I'll be happy. <VBG> Joe

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