COVERED SHORTS
I covered short positions at the low this morning around
1130. Based on 1100 AM data, I am
projecting a lower volume today suggesting that fear is abating – at least for
now. That combined with an oversold
reading today for Breadth and oversold reading yesterday for RSI and Smart
Money suggests that a bounce is most likely. (I saw Tom McClellan on CNBC
yesterday and he said he covered shorts Thursday.)
I doubt that the morning low is a final bottom.
