Yes, I noted this. Although most traders are looking up, I see lots of posts on bear boards. BearForum is also busy tonight. How one balances this with the fact that bears are still nervous, well, I don't know.
If all goes according to Hoyle, the bears will get side-swiped in the coming few days. I am encouraged by the technical developments in tech, some nice breakdowns and failures, but I am still thinking we get a whipsaw that will f*ck the bears s-t. At this point, I am thinking it will be a shorting opportunity.
Did we go low enough to launch a bear raid? I don't think so. Another low would probably do it. I know but one thing: I can relax. The level of tech short I am carrying is not worrisome to me at all. I was caught looking the wrong way two weeks ago, with "as heavy a load as I want to carry before I get cofrimation". I never got the comfirmation -- I got a ramp and follow-through. I paid for it with the covering I have done. As readers here know, that covering was doen in two stages: early on in the move and again this week.
Capital preservation is more important to me than being right. I may have reduced my short exposure too early. I don't care.
I am making the same bet, with less, that I made in June and July -- tech has another low. |
