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Strategies & Market Trends : Guidance and Visibility
AAPL 270.110.0%Nov 5 3:59 PM EST
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To: Jorj X Mckie who wrote (78997)10/20/2002 7:39:20 PM
From: stevenallen  Read Replies (1) of 208838
 
<I think that I am the only one on SI who thinks that the rally ended on Friday.>
Not quite Jorj - I sold a bunch of longs Friday and added 3 more shorts - Would it really be a shock for there to be a nice size dip after OpEx and the recent run-up? If that happens who really knows if the countertrend rally can re-emerge? Is the PPT (or whomever) gonna keep things humming until the elections or will this rally fizzle and die under its own weight as folks who have been stuck long for quite a while take the opportunity to get out while they still can? I have no idea which way it's going to shake out short term but I'll just go with the flow - hopefully I can cover some shorts real soon for the quick coin but if not, I'll just add some more hedge longs and ride it out. Whether it takes weeks, or even months, for the rally to fade, one thing I am betting on strongly is that the bottom is not really in yet - not with the world economic and political situation, not with the lack of business spending, not with the obfuscated earnings forecasts, not with the increasing layoffs and debt load of the American consumer. Talking heads saying "The train has left the station" is not the same as an actual recovery - I'll play it as a tradeable bounce at best and keep my core short positions on the overvalued piggies.
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