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Strategies & Market Trends : Pump's daily trading recs, emphasis on short selling
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To: GraceZ who wrote (268)5/5/2001 6:19:25 PM
From: E. Davies  Read Replies (1) of 6873
 
Take a look at the chart for BEAS if you want an idea of what a good short looks like

Take a look at your BEAS chart and remove Friday's trading and it looks pretty much identical to ITWO or dozens of other stocks out there.

My limited experience in the indicators you use simply say that they pretty much just follow price. (Thats why I dont follow the indicators that much)

In a rising market you can either short stocks that are short term overbought or try and catch them after they start to turn down. Either method has risks.

The bull market of the last few years has taught traders to short stocks that are short term overbought, because even if the market keeps going up they will tend to be weak due to profit taking and money shifting to the next hot sector.

If you short stocks that have started to fall (like BEAS) you take the risk of hitting a whiplash rally back up.

The market today is tricky. Many stocks like ITWO are short term overbought, but longer term still well below the downtrend line. Anything can happen. Thats why pump is very quick to take his profits these days. I'm sure he'll be happy to cover ITWO in the vicinity of 20-21, which is more than feasable.

Eric
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