Markets made a very strong base in S&P 500 & Dow ...without taking out the LOW.....
Low of Oct 10Th held nicely.....
Shorts were banking on further 1000 point drop and some were sure we will see 6,000 on Dow...
Guess what..not only we held our Oct 10Th LOW..but we MAY see the biggest short covering in history TODAY......
So..it IS important to pay attention "to the message of the market"
When markets do NOT make new LOWS anymore...then it is time to RETHINK strategy!!!!
Move UP from bottom is always VIOLENT.......
Those DOUBLE shorts will be QUAD pain today.....
Most of the GAIN can come in few weeks ......
Good luck with your strategy!!!!!
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hi Saleem,
We can only hope! More selling into the rally! Darn! There was a great article about shorts being caught flat footed with VW stock. Fun to read. IMHO we are close to gaining some ground.
Have a great day!
Hi Standards,
I just do NOT understand today's tape.
Bad economic news were expected by everyone...that IS why we are down 41%......
Saleem
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