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Strategies & Market Trends : Rande Is . . . HOME
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To: Bucky Katt who wrote (2205)1/23/1999 12:57:00 PM
From: Rande Is  Read Replies (1) of 57584
 
Out on a limb. . .so what else is new?

Considering that most shorts took positions Wednesday afternoon AND that the Dow closed down 140+ points on Friday and Thursday was such a dreadful day. . . I'd say that some shorts covered Friday, but that many [if not most] intend to cover first thing Monday morning...to keep from having to fund their accounts [3 day rule].

I would expect a major head fake to the down side followed quickly by a furious rally as these same shorts buy to cover, then take long positions. Add to that the daytraders jumping in to ride the wave and the fund managers grabbing up rapidly fleeting bargains and we could see Nasdaq +70 within the first hour of trading.

The market wants a rally. There are more individual internet investors [III] now than ever before. My guess is that tips the scales more heavily in favor of the bulls. And reports are showing this. Also, IIIs recognized this week as a bear trap earlier than in the past.

I don't see this going on for 6 months like in May-October. Nor do I see it for weeks, like this in Nov/Dec. I see a rapid recovery beginning immediately, followed by a long needed consolidation period. Risky Inets will be traded for good ones and after the full market bounce, I see a relatively boring flat week.

We need boring right now. A good two weeks of flat trading will serve us all well in the long run.

Rande Is . . .climbing down the tree
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