User 171445

Tuesday's Action: Sign of a Bottom?

Today’s move is questionable……in my opinion, this is a tremendous amount of short covering. I doubt a 3.5%+ moves on the S&P and Comp with average and below average volume. My guess is that the major indexes move up a few percent more (Comp to 2,400 and S&P to 1,400) then you put out shorts. I would short financials and any high P/E tech stocks ….good for P/E compression (ala GOOG, BIDU, etc….). If this is truly the “bottom” it will have been the shortest “bear” market in history……. BTW, Jim Cramer is an IDIOT !!!!!!!!!!!!!!!!!! Cramer is a self-promoting ASS.