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Strategies & Market Trends : Bullish Percent and VXN type indicators
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To: Murray Grummitt who wrote (31)5/11/2002 6:59:06 PM
From: Steve Lee  Read Replies (1) of 119
 
"Which indicators would have allowed one to detect the extensive short covering that occurred on Tuesday prior to Wednesday's rally?"

I don't know. VXN was at the top of its recent range and $BPNDX was at the bottom of its recent range. They were clues that some upside was due. But why do you say the short covering happened on Tuesday? My guess is that it happened mainly on Wednesday with some in AH on Tuesdays.

In fact on Tuesday, quite a few stocks were unborrowable. That would indicate no covering at that point. The only thing I can think of that would indicate immediate covering would be if unborrowable stocks suddenly became borrowable again. But I don't know of that was the case on Tuesday.
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