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Strategies & Market Trends : Roger's 1997 Short Picks
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To: Roger A. Babb who wrote (5282)9/11/1997 4:13:00 PM
From: Jon Tara   of 9285
 
Roger, I think this was a sucker rally today.

I covered my SPY this morning, then went short again and covered near the low. (Made money both times.)

I then went long IOM and CREAF, selling them at the close.

I'm not convinced that the gaps up that buyers on the close were expecting will materialize. Traders have been trained in this market to "hold for the gap". I have a feeling that pattern will not hold.

Very short-term (on my one-hour bars) everything looks great, but still serious damage longer-term (for me, that means looking a daily bars) - many stocks and the S&P JUST made negative crossovers on the daily bars.

So, I bought on positive crossovers on 1-hour bars, but know I "made a deal with the devil" since I could see the bad news on the chart right below the 1-hour, my plan was to exit.

In any case, I'm up >5% for the day, and all cash now, and so let em' gap if they want to. ;)
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