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TOF and Terra (Re: The dk Report 7/24/07)
Hey TOF...
It would be easier if today was an over-reaction - lol - and with this market, anything's possible. Still, the selling today in the IBD100 is something I've seen just twice in 14 months. It was no garden-variety dumpfest, and I've learned the hard way to pay attention (its been an expensive lesson). Of course, tomorrow is a whole new day, and the sellers still need to deliver the killshot. I think the wild card for the bulls is the short ratio. Even the most despised stocks rarely see a ratio of 5-6 days (CROX, TASR, TZOO, etc. are in this range) and most fleabags may see 8 or 9. Investors hate AMZN, and it has a ratio of just 3 days. Meanwhile, the NYSE -- an entire index -- has 8.4 days of volume short! After the bell, NASDAQ announced a short ratio of 4.5 days. It's going to take real money to cover 22.2 billion shares! That's a crowded room, and simple math suggests a few spectacular short-covering rallies, maybe sooner than later. I could find no explanation behind the Ute dump today other than the state legislative hoohah I mentioned. The action definitely seemed weird and could be an opportunity. I know you're familiar with the Utes on a professional level, so if you hear of anything let us know. Hi Terra... IBD flipped their outlook today to "Rally under pressure", and distribution days are up to 4 on the NASDAQ. If you don't want to hop in that sweet ride of yours and go pick up a copy somewhere, e-IBD is a great idea. It's a little more expensive, but one saved trade and the annual subscription is paid for (I paid for mine in February - lol...). Hope you're well and that your crazed laptop situation is better. Thanks guys... dk |
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Msg # | Subject | Author | Recs | Date Posted |
12327 | Re: TOF and Terra (Re: The dk Report 7/24/07) | blarg | 1 | 7/25/2007 12:52:05 AM |