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

To: HairBall who wrote (78148)	6/7/2001 9:57:25 AM
From: t2	Read Replies (1) \| Respond to of 99985

This is not a good time to have a large short position, IMO. Expecting a retrace or pullback is not the same as expecting a reversal... Agree. I don't know if you follow the increases in Nasdaq short interest...still at highs. Given how much the Nasdaq has lost and the fact the Naz bears are still as confident as ever makes me very bullish on technology. That is the ONLY reason I have maintained my prediction for an explosive rally since the Nasdaq was at about 2100 about 1 1/2 weeks ago. Otherwise, I would have just called for a trading range. The fact that the high gainers of last year..such as Oils are topping out, makes me believe that the demand for beaten up tech names will be greater than the supply and that, imho, leads to short covering near term. Once the short covering takes place, I will take profits and possibly even go short technology (unless the economy shows more signs of improvement). I am not really looking to short yet...only scanning the market for potential sectors. Just like techs were the ideal choice last year as they were overowned, there has to be a lot of sectors out there that have become overowned now...such as oil/gas sector.