Prechter Recommends Short Covering

Discussion in 'Wall St. News' started by Socrates, Feb 24, 2009.

  1. the dow will probably retest 9000 next month

    good idea to take profit.
  2. Too many so called gurus are calling for a rally these days, makes me very sceptical.
  3. I'm just waiting for a taxi driver to enlighten me of the definition of this wacky trading strategy called "short-selling..."
  4. jaley


    dow to 20000
  5. gkishot


  6. :D :D :D
  7. Emminently so. Just ask him. In this case I think Prechter is also making a reasonable call. FWIW, I agree with both of them but as always it's that old "But when should I do it?" thingy.

    Do what the floor traders do. Redeem half of your position if you can't make your mind up. That gives you some upside protection while letting you stay short if you wish to.

  8. Hasn't he been short for, like, 15 years?
  9. Yah. That's our Bobby - the quintessential perma-bear. However now he's saying to cover them shorts.

    I lost a disgustingly large amount of money 5 or 6 (I'm still trying to blur the misery from my conscious mind) years ago by blindly (and I mean blindly) following the recommendations of a pair of practitioners (and I use the word loosely) that were 'practicing' on his web site. They've mercifully since left.

    I do not currently use EW to trade but as I've said elsewhere RP is no dummy. What the current EW buzz is, is that when we've reached a Wave 5 bottom (I'll let them do that determination) there will be a bounce (perhaps even more that stocktrad3r suggests) and then the ubertank will happen.

    So maybe RP is saying we've bottomed. I dunno.

    #10     Feb 24, 2009