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Non-Tech : Shorting the Big Banks (e.g. JPM, BT, CMB, CCI)
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To: HiSpeed who wrote (74)9/9/1998 5:45:00 PM
From: HiSpeed  Read Replies (1) of 268
 
In a bull market, we use big down days as buying opportunities; in a bear market, we use huge up days as shorting opportunities. Bulls like buying on dips; bears often short into rallies.

So first we need to know which market scenario we are playing. Second, we simply follow the trend. The trend has been down for quite some time now. Today we didn't have the follow through that would have confirmed yesterday's up move. At the same time, that was such a big move up Tuesday that who can blame people for getting out after it?

It seems our favorite banks and brokers are still tanking. I would still keep a stop in place in case they take off. And, once profitable, I would still keep a trailing stop in place so as not to give back any large gains.
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