Wednesday, March 07, 2007
With the market in the middle of an oversold bounce, there are no strong advantages on the long or short side today. We expect that the bounce started yesterday could extend today due to continued put buying, which indicates too many people are still looking for downside for the market to actually go down. Even so, we suspect that there are a lot of sellers waiting for good prices to short this market. Today is a good day to continue playing the waiting game we started yesterday.