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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: ajtj99 who wrote (77020)	5/14/2001 5:18:54 PM
From: t2	Read Replies (1) \| Respond to of 99985

With the low volume the past several days, I expected very little short covering today. The end of the day seemed to Bear that out (pun unintentional, but capitalized upon realization). Are you suggesting the late day rebound was not short covering. I read that Cramer (street.com) thinks we had short covering late day. Not only do I think that there is very little short covering, I also believe that short bets have been placed this past few days. Time will tell when we get the May short interest numbers. If by chance there is very little short covering, what does that mean for tomorrow afternoon? Sticking to their guns or looking for covering opportunities on any decline. My belief has been that too many are waiting for the FED cut to signal a major selloff..and of course if everyone expects it..can it really happen? I have to agree with you guys that the techs seem tired after the recent gains....but sentiment changes very quickly..especially since the declines have not been that significant compared to the rally from the lows. Amat's earnings (tomorrow afternoon) are too important to the direction of the SOXX and tech in general. Another note...I read the comments of Tod Harrison on street.com...covered his shorts today and expects to place his bets (short) again soon around the FED. If that is what has been happening in general among traders, the market is going to tank. I am betting that he is the exception and not the rule...and therefore sticking to my bullish case for about 2 days at least...ie..expecting significant move up over this time.