Ike, As always, I am aware of the fact that the probability of my being wrong is better than 50%. In the light of today's late recovery, I am increasing my vigil as a short. But, for now what I have said about next week's action stays! Keep one thing in mind - Just as bull markets have no resistance, |
BEAR MARKETS HAVE NO SUPPORTS.
The way the shorts are being bled to death is unbelievable,
Iqbal bhai, with all due respect I think you can use some objectivity here. I think in the over all scheme of things are the "shorts" are a negligible number. That said, how many bulls were taken to cleaners in the latest carnage? I bet it would be many more than a few shorts who bet on the market's fall. I can give you a big list of companies through which many starry-eyed bulls have seen pie-in-the-sky until a few short weeks ago. Whatever happened to the people who bought AMAT at 50, Lam Research at 60, KLIC at 55, Ascend in the mid 50's, Western Digital at 50, Seagate ato 50, Applied Magnetics at 35, Sun Micro at 50, Xilinx at 55, Altera at 60, KO at 70, Motorola at 90, and many more. Even if some people bought those at 10% below the prices I said, they must be deeply in the red by now. Thank whom for that? The analysts? The Companies? Or plain stupid mania?
Whatever happened to those "bulls" who just blindly bought calls before the earnings are out with the speculation that these companies will beat the estimates (original or reduced) and that should be good enough for the stocks to run? How many of them did their home-work before buying in to them?
They many not admit their mistakes openly but I know they are out there. Many of them. That's why I started this new-thread so that they will learn from their mistake and from others' mistakes.
I am nobody to feel responsible for the actions of the others'. But, if I made a few to stop and think before they did something really stupid (not that I don't do stupid things. This note, for instance! -g-) I think my job is done.