Short Term I Think We Bounce
Just as longs expended a lot of bullets driving the
market upward toward 5000 and overplayed their hand
early last year, the shorts have been heavily shorting
recently trying to tip the market over, and while
they've driven the market down the last few days,
my belief is they've expended quite a few bullets
doing so, and have over reached and are now vulnerable
to a short-term snapback. According to Street.Com Real
Money column by Todd Harrelson, he's getting wind of
institution's starting to bottom-fish.
"Trading With Bud Fox
9/06/01 3:21 PM ET
Man looks in the abyss, there's nothing staring back at
him. At that moment, man finds his character. And that is
what keeps him out of the abyss.
-Lou Mannheim, Wall Street.
I hear ya Lou, but considering my menagerie, don't you
think I've got enough characters? I mean, seriously -- my
minyan's minyans are beginning to sprout minyans! Somebody
help me! Berko -- take the capital away! This tape is
ferklempt! Mama!
Schizophrenia aside, we've got some serious decisions to
make as we battle into the closing bell. Since my last
post, I've begun to notice that the gorillas (institutions)
are slowly starting to become more vocal -- and this is the
sign that we've been watching for. Couple that with the
short-term oversold nature of the tape, the high TRIN and
put/call levels and the despair that's floating around, and
it makes me want to ride Hoofs into the sunset... for a
trade."
Anyway, I went long a couple of trashed out tech stocks for
short-term bounce. Not looking to hold anything long-term
here. Will try to write more this weekend.
Regards, Peter. |
