Friday, October 7, 2011
Shorts are Scrambling
That was a short squeezer of a number. Now that we are at the levels that we reached 1174, the upside is limited from here, maybe 20 points at most. So it is risky to put on longs here. But at the same time, I just don't see this market pulling back so we'll stay green today as shorts don't want to go home short overnight sitting on large losses. Also, probably another up day on Monday where you can think about putting on shorts. I am not eager to short this market. Even though I think we'll pull back to 1130 or so, I think we go a bit higher first and stay there for a couple of days. If we are higher on Monday, I will think about putting on shorts then.
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5 comments:
almost 10% straight up..with NO catalyst? Not seen in a long time.
No qe2 to prop it up, like last year.
We are over bought. 3 day weekend.
Already hearing people saying we will rally till the end of the year!!
Really??
I'm looking for a down week, next week; followed by a continued upward bias.
We're in the middle of the range. I'm looking at an up Monday, possibly extending into Tuesday. I am waiting to short either on Tuesday or Wednesday.
market possibly drift up on monday on low volume. However, the finish of today looked a bit negative.
Greece has a payment due next Friday.
Again, some say they default. Thursday will most definitely be down.
The market is overbought. Looking for more down days than up next week.
plus the market selling off hard late today = negative.
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