Fine. You and HJ can try to tell me I don't know what I'm talking about when it comes to what the pro's are doing with their shorts. How about I just let them do the talking for me!
Aaron Task
same as it ever was
1/17/01 4:15 PM ET
Herb, JJC, et al: re. the "like it never happened" comments. A strategist source said this morning "people were giddy. Everyone was walking around, saying 'want do I buy next', falling back into same old pattern."
The amazing thing, he noted, is how quickly that giddiness evaported when the market turned. "What do we short," he said the traders asked.
You see how people still have the itch to short this market at the slightest hint of weakness?
Jim Cramer
NT
1/17/01 3:20 PM ET
I could just see myself saying, "There goes Cisco, let's buy some puts on Nortel." I am sure that trade is just a few minutes away from being done by somebody.
Jim Cramer
The Pain
1/17/01 11:14 AM ET
So who buys PMCS up 16 even though Cisco says business isn't getting more visible? Three sets of folks: 1. The momentum funds who are brimming with cash and will use any excuse--AMCC's numbers--as a reason to buy, 2. The day-traders who see the big buy demand from the mutual funds and are taking, furiously taking, the stocks ahead of the mutual funds who work with traditional brokers, and 3. the un-rigorous short-sellers who say "I heard what Chambers said, I know business isn't stronger than expected, but I can't take this pain any more."
Jim Cramer
They Want Everything
1/17/01 9:29 AM ET
They want everything tech this morning. SOX break out at 700 will getr group going. Meehan's comments about 3650 on the NAZZ seems a little out there but we could rally through expiration BECAUSE of all of the puts. ANd there goes swifty!
Jim Cramer
Short and going higher
1/17/01 8:50 AM ET
I know what you are thinking, you are thinking, what is spurring this rally? Besides sidelines cash, it is the short sellers who were betting that things would get worse. They won't get worse because of the Fed. Why are people covering? Because most of the short-selling uses short fused instruments, many of which expire Friday. I urge you to read this series I have about why Cisco rallied on the bad news. It is vital to understanding why the NDX has bottomed and why people are throwing money at tech this morning, both good and bad. |
