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Non-Tech : Auric Goldfinger's Short List
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To: jbe who wrote (5243)5/30/2000 12:40:00 PM
From: American Spirit  Read Replies (1) of 19428
 
Agreed, shorting can be very profitable. My point yesterday (now proven right so far) is that the downdraft of the past 3 weeks is overdone and now we are headed into at least a modest summer rally mode. This has a lot to do with the fact that the Fed rate hikes fears are probably history. Those stocks which have been hit (and shorted) hardest are now the most likely to benefit, percentage wise at least. And shorting becomes very dangerous. For instance, watching the QCOm action today I saw many shorts squashed, putting all their money on one negative story. What they failed to realize is that QCOM had already dropped 8 sessions in a row so they were shorting at the bottom. Then one positive story and they're toast. Shorting at the bottom is just like buying at the top. Though shorting has been very profitable recently I now believe it's foolhardy except in special situations. In short, the momentum has turned. And enough is enough. This rally today, assuming it sustains, should attract a lot of cash back into the market, at least cautious buying. With no more clouds of fear compelling weak hands to sell at the lows people should be buying-holding and selling should dry up for some time to come. Just my take. I got this feeling last Friday.

Question now is what to buy? Leaders or laggarts? Blue chips or fallen IPO high-fliers? Interesting question I'm struggling with now.
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