Yes, Jeff, right now it looks like it was a mistake to hold shorts in techs overnight. If you're long, you are happy for now. Techs up in pre-market. Several were holding several puts or short positions overnight. Even I, Mr. Conservative, was holding a put position and may be hurt, at least on paper at the open. I went against my own advice on staying flat on options overnight, although I do have a couple long (non-option) positions I am holding, too.
Jobs report and finality to the election seem to be providing some relief (for now)
Re: the election, three rulings are likely doing Market hours, perhaps around noon. Update around 11am. on the absentee rulings, I believe, regarding exact timing. If any one of them goes against Bush, the Market might react negatively, otherwise it should be fine. Maybe a rally could occur if Bush wins 3 of 3, but earnings looks far from OK. On the positive side, Feds look to change their bias on the 19th, but is it too little, too late?
Lots "up in the air" and one could reason even if Gore loses all 3 rulings today (likely), is it enough to rally the Markets more than a few percent or more than a day or two? I really wonder with all earnings warnings.
It will still be a stock pickers market, I think. |
