Sand Spring Advisors LLC
Wind Now at Short Sellers' Backs
November 28, 2001
by, Barclay T. Leib
Chart produced using Advanced GET End-of-Day
In late October, with the S&P near 1115, we smelled further strength to come, and warned of such. When the market vaulted above 1123-27, we advised exiting all shorts, and subsequently pointed to 1161-1165 as the next region for a likely A-B-C rally to fail. Yesterday we touched 1164.50 and traded straight off. It seems clear to us that however one might want to label it, the market just completed its initial upmove off of the Sep 21 lows, within a potentially ongoing corrective period.
From here, what was previously resistance at 1123-27 should now turn into initial minor support, but with time, we believe that this current market downdraft could lead us back to 1010 on the S&P.
For a change, the wind should be back at the short sellers' backs.
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