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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: marginmike who wrote (85020)3/24/2001 11:28:57 AM
From: AllansAlias  Read Replies (2) of 436258
 
Yes, I too see the signs of what looks like at least a short-term bottom. However, I am not biting. To do so is to try and pick the bottom -- catch the knife, whatever -- and I am telling myself not to do that. This may be it, but we've had these discussions a few times before, with others, and it did not last. If we can build a little up-structure, then I'll get interested in something more than an intraday scalp on the long side.

I think one has to be careful with expressions like "short positions are unwinding". This may be nothing more than a wiggle. Just as 2 week rallies have turned out to be sucker rallies as the trend stayed firmly down, the decrease in the short position does not mean it's unwinding. We'll need a few more weeks to see and in the meantime they are still firmly short.

The Real Economy just won't turn over. Again, too early to tell. It's doing a pretty good job of rolling over so far.
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