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Ladies and Gentlemen:
Today the market whipsawed and day trading the indexes would have been
rather difficult for anyone not on the floor, at least in my humble
opinion. I felt the market wanted to go lower but could not sustain a
big down change for the day. Many traders took short positions lately,
and for good reasons. Some already made a nice profit. These shorts
will be nervous about their positions, and their stops will be tight. I
wonder if this is a setup where the institutions come in Friday and hit
the stops, forcing a short covering rally. I think in the short term we
may see some action to the upside.
Money does not buy happiness, but I would rather be unhappy with a few
dollars in my pocket than unhappy and poor. Let's be careful to make
some money out there tomorrow.
Best wishes,
James
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