You know what else turns me against the middle road? We all talk about breaches and new lows, etc, but the truth is. . . basically none of us are looking for down here. We're all talking about a bounce to short (or eventually a low to buy), but we haven't been shorting/putting/Rydexing for a decline (at least not publicly). Mind you, no one's going nutso long calls, but there's a big difference between talking about capitulation lows and actually putting money on the line expecting them. Face it -- how many of us here are positioned like we'd want to be if we were looking down into the abyss? OK, Tippet, put your hand down. I see you. But in general? We've been saying for a long time "it's not a good idea to short here." That's been true from a risk reward perspective, but it has proven to be the wrong play financially. Why should that stop here?
Sure, a tankola here would reward a lot of johnny-short-latelies, but think of the satisfaction of THEM knowing that a lot of the grizzlies missed the fun?
Anyway, again, maybe I'm just bitter cuz I missed the low today. . .
the freep |
