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I'm sure much of the rally has been short
covering. But, I also feel smart money is coming in on the long
side. Anyone who recognized the bubble of 2000 and went to cash or short
is in an excellent position to get long now. I believe most of the
"weak hands" have folded. Many of my acquaintances who know I
follow the markets closely have recently confided in me that they have "finally
given up on XYZ" (add your favorite here).
To me this is almost as good a sign as having a
bear on the cover of Time magazine.
Good luck and good trading,
Ray Raffurty
<BLOCKQUOTE dir=ltr
style="PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; BORDER-LEFT: #000000 2px solid; MARGIN-RIGHT: 0px">
----- Original Message -----
<DIV
style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black">From:
Ira Tunik
To: <A title=realtraders@xxxxxxxxxxxxxxx
href="mailto:realtraders@xxxxxxxxxxxxxxx";>realtraders@xxxxxxxxxxxxxxx
Sent: Friday, November 16, 2001 10:25
AM
Subject: Re: [RT] 9-11 didn't exist
How much of this rally has been to cover short calls?
That has been the latest get rich scheme since selling puts went out of
favor. If you believe that the economy is in the throws or a
recessionary spiral, then this is nothing more then a bear market rally.
If you believe that because we have had limited success in the war and that is
the reason for elation, you could be vary disappointed. Take a look at
the the top 50 volume leaders in the Nasdaq and the the NYSE and look at the
PE ratios. If you feel that these companies can grow at those rates,
then there is hope that this rally is for real. If you are looking out 6
months and thinking that all will better then, that could be true, but will
these companies increase their earnings and growth rates to overcome their
current pricing? I don't have the answers to these questions and I don't
believe that anyone else does. This is one of the reasons that I trade
technically. I just follow the money. Not very glamourous but very
profitable. Have a good week end. Ira.
Lee Morris wrote:
<FONT
face=Arial>How can you say that is the
limit of downside, my feeling was had it been terror that the markets would
have continued to fall hard. The 200 pt level was the knee jerk to determine
what had happened.
<FONT
size=-1>-----Original Message----- <FONT
face=Tahoma>From: John Nelson [<A
href="mailto:trader@xxxxxxxxxxxxxxx";>mailto:trader@xxxxxxxxxxxxxxx]
Sent: Friday, November 16, 2001
1:22 AM To:
realtraders@xxxxxxxxxxxxxxx <FONT
size=-1>Subject: Re: [RT] 9-11 didn't exist
Smart traders will take a cue from the market's reaction...
down almost 200 Dow points in the morning on news that
another jet liner had crashed. Expect similar or worse in the
future when there is another terrorist act.
This is probably your level of downside risk.
-- John
On Tue, 13 Nov 2001, Daniel Goncharoff wrote:
> Ray > > The market sank
yesterday because a plane crashed. There was fear that >
it was another terrorist attack. Doesn't this disprove the notion
that > 9/11 can be ignored? >
> Regards > DanG
--
__________________________________________________________
John T.
Nelson |
John's Trading Journal trader@xxxxxxxxxxxxxxx
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