The other day on a poll on this site that showed 17 to 1 bears, I mentioned that it could be a contrary indicator. I'm not trying to take any credit here as I said it in jest. But you're right about all the signs pointing to OS condition. It was like trying to compress a spring that just wouldnt compress any further. I also said the big rally would be tomorrow. What do you think? Anybody want to risk being short or flat over the weekend if the war starts? Full disclosure: I went into this morning long OEX calls. At the close I also went long OEX puts. I expect a spike in the early morning but may give some back during the day. IMO
I guess I wasn't as surprised by today's move as others were. So many short positions around, and yesterday's move began to shake them out. Also, the strength of yesterday's reversal was pretty amazing. Lets see if we can't sucker some mutual fund buying into tomorrow to really drive this.
The other flag to me is when one approach just gets too easy. Be it long off the Oct lows, or short the early 03 over-enthusiam. Just my .02. Best, David
Wish I had left. Couldn't bring myself to believe it despite overwhelming rally signs. Got my ears pinned back real good. Gann feller called to tell me to relax and everything will be all right being short because tomorrow will retrace 60% or 36% or some bs. I can't get near enough to where he works to kill him. Geo. It was fun selling some old loser techs to new bagholders today though.