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Strategies & Market Trends : Roger's 1998 Short Picks
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To: Pancho Villa who wrote (4187)3/5/1998 6:20:00 PM
From: Bill Wexler  Read Replies (5) of 18691
 
<<My shorts went up and my longs went down>>

Hmmm. I was despairing over this last night - predicting that this obnoxious scenario would take place....and of course - it did!!

I was watching a lot of the scam stocks today. Something struck me as odd - the trading activity didn't really strike me as fresh buying - what it really looked like was a whole bunch of little short squeezes.

My guess is that (just like the sentiment on this thread) a lot of short sellers are disenchanted and tired and probably had loads of preset buy-to-cover orders before the open, hoping to get out clean before the buy-on-the-dip crowd rushed in yet again.

Naturally, all the obvious scam stocks (such as Zitel) started a bit lower, and then there was a rush of small retail orders and the spreads widened. I believe that quite a few short sellers then panicked and threw in the towel - thinking that if they can't get out on a day like this then they'll never get out.

So what ends up happening at the end of the day is that Intel and Microsoft are down and stay down...while a whole bunch of speculative garbage pops up.

My guess is that short interest has dramatically decreased and this garbage is going to get its butt kicked real soon. If the Zitel-stocks continue to climb a bit on Friday, then I'm going to pump up all my short positions.
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