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Strategies & Market Trends : P&S and STO Death Blow's
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To: ajtj99 who wrote (24300)1/15/2003 2:37:48 PM
From: mishedlo  Read Replies (4) of 30712
 
On the contrary.
WE have pushed and chopped around here for more than a week, and everyone including bears have given up, looking for another push to the upside.

There are bearish divergences all over the place and everyone wants that last push up to short it.

Well maybe it comes, maybe it doesnt.
OJ is buying more semi equips on this move down, Bears have for the most part stepped aside, and anyone that wanted to buy has to be in already.

Now does that mean we can not get a distribution top higher?
No it does not. The risk reward for being long vs short is beyond absurd by my way of thinking. A very good case can be made for doing nothing here either way. But repeated calls for up up up up when every time it gets smacked down from the same level, with every stock putting in double tops, I do not see a call for more UP here.

Anything can happen. This can all be one huge headfake down.
If it blasts up huge, I am adding more shorts.
I am in DJX from 8800 SPX from 908 and 930 (but I took half off). To leave room to add.

Let's see what MSFT and IBM bring.
If they gap up and sell off like INTC you think that is going to stop inflows from J6P (if there were any left coming anyway)?

I am not saying were ARE headed down. I think we are. Bulls are saying we ARE going up. That is a ton of confidence into the face of bearish divergences as well as potential, distribution for over 10 days now, and double tops all over everywhere.

M
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