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Strategies & Market Trends : gary smith shorts and longs
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To: backman who wrote (330)2/3/1999 1:33:00 PM
From: Fortinwit  Read Replies (1) of 430
 
backman:

I use a poker analogy. . . we've had a really good run from the October lows, and it's never a bad idea to walk away from a really good game every once in a while. The technicals all stink. PnF shows Bear Confirmed on the NYSE and Utils now. Bad sign. This run is due for some pullback at some point, and I don't really see what good news there is out there (now that we've made it through the bulk of earnings season) to sustain the current run. On the other hand, there are all sorts of troubling signs that could easily derail this market for a bit (China devalue, North Korea, Brazil). I really don't like the fact that the financials did not participate in this rally to the same extent that the techs did. Troubling indeed.

Like drsvelte, I had a great January (primarily at the beginning of the month) but I still have some open positions that I'd like to close soon, and some that are pretty far underwater, and close to being stopped out.

I'd like to spend some time to come up with a ratio of GBS Long Candidates to GBS Short Candidates. It would seem to me that as the market changes from one direction to another, there is a time when the number of longs and shorts will decline, and then, as the direction becomes clear, one side will start to outweigh the other.

F.
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