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You are not the only one cautious on the short side ... I did 6 spoo trades
today, all short, and all protected by nearby stops ... a lot of work for
relatively small return however I am concerned that the relentless decline
through all identifiable support levels may bring fed/treasury operations
(anything from rate cuts to buying) to stabilize the market and I don't wish
to get nailed. What was particularly noticeable about today's short trades
was that from noon on, each break lower in the spoo had relatively small
follow-through ... not like the shorts which broke and steadily moved south
3-5 handles at a time. Also, the spoo futures would seem to hold up a bit
better even as the NYSE and NASDAQ cash indexes were moving aggressively
lower. Like you, I'd like to see a good rally here to make it safer to
short.
Earl
----- Original Message -----
From: "BobsKC" <bobskc@xxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Thursday, May 03, 2001 2:27 PM
Subject: [RT] Close?
> prevail. In the mean time, I'm not going to short any more as I see the
> risk tantamount to buying at NAS 5200. I'm clipping quarter points both
> ways and waiting for the bubble to refill to sustainable limits.
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