Shorts Have a Rough Day
It was a "don't short a dull market" day. The old saying worked well today, as we very slowly drifted upward after a poor start and then accelerated into the close. At one point, the Nasdaq was around 2 to 1 negative, and it ended the day with about 1,300 gainers to 1,100 losers. What was particularly impressive is that the Russell 2000 (IWM) small-cap index continues to lead. Money is flowing into the small names while the Nasdaq-100 lags, primarily because of Apple (AAPL).
The action today is a good example of what I've been writing lately about not trying to anticipate weakness. Trying to short on a day like this is an exercise in pain. We have seen this happen so often in the last few years. It just hasn't paid to fight the trend, regardless of how compelling the short thesis may be....77 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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