Monday, April 20, 2009

looking for a drift higher

covered my shorts at 834 for 22pts and went long again small, looking for a drift higher in the night/early morning session to the 846-850 area and hoping for a chance to flip over short back down to the 820ish area. My view is that we will press higher into the 940ish range if they are able to halt the post opex selling after a few days of testing the lows. I'm not bullish at all but feel the short covering illiquid conidition will conitnue to frighten bears away for a bit longer

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