06 March 2007

Short And Not So Sweet!

Your turn shorts...Asia rallies over night and all European bourses up more or less 1%...Gold up 1.2%, Oil up .87% with bonds and the Yen giving up some recent gains...Watch out as the $5 Dow + 110, the E-mini S&P +15.50 and our little homeboy the Nasdaq futures + 21 near 1735.
Shorts are going to have their little heads handed to them this morning as yesterday's ugly close probably brought in fresh money...
Be prepared to hear chest thumping bulls on your telescreens all morning with the "all is clear" monologue and "simple correction" thesis. They might even get Larry Kudlow out of his coffin early today.
The next resisitance levels on the S&P and NQ are still higher at 1402 and 1755...no stopping the short covering train until then...I'll be waiting to unload my NVDA call postion in that area and reloading into the short side via NQ futures or QQQQ puts. Be back before the open...jfg.

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