SHORTING a remarkable tool to make money in a bear market. Despite the stereotype on shorts, shorters are because shorts are typically more sophisticated and will cover quicker than your typical long when a position is going against them. I have never been in a short squeeze and we don't have that herd mentality of buying high and selling low. There's not much buy and hold mentality at all as I have not invested in years but did enjoy the moves up in technology for as long as it noved up, only waiting and expecting the dream to end, as it did and we were ready. Shorting has been a great thing for me to learn and hopefully now to teach.
Many "analysts" were calling bottoms lately and urging people to go long and encouraging them with 'cliches' like. "Well if your an investor for the long term, its okay to lose now, we are waiting for later".. Shorters don't short with the masses either, we are more discriminating lately and we tend to research the background more of companies, their competition in the niche that are in, their fundamentals, capital left to pay their debt, inventory pile ups, etc. We follow the trend intraday like many daytraders except that we know a bit more about the company and have more "faith' in our analysis that lets us hold through some upside (but not much).. I'm talking more on the lines of 1 to 3 points on a swing short and not 20%, 30% or 40% like investors or long players.
We had faith in our shorts like JNPR, MACR, INTU, RIMM, NTIQ, WEBM, EPNY, NUFO, NUAN, ONIS, JDSU, SDLI, PMCS, JNPR, CIEN, MCDT, AVNX, ELNT, BEAS, VRTS, CHKP, SEBL, AMCC, CORV, CCMP, DPMI, NVDA, GENZ, ALXN, MACR, MERQ, MUSE, SCMR, AKAM, ALTR, SEBL.. and we still had more shorts but this were lingering....
We took a lot of 'flack' during the last 6 months but we held strong and shorted through it all We grin when we read on SI or other areas how the gung ho longs are now looking at the tech devastation and acting like they agreed with us all along, while in actuality it was only recently out of capitulation they FINALLY gave in.
What remains?
We don't know but we are in a transitional phase that might last as long as 4 to 5 weeks during which I won't be holding a long play in technology overnight. We held out, made a lot of money and we have every call, every post, every p/e analysis on record. Yep, we did good and we are happy with the last 6 months. Hopefully the next 6 months will be just as profitable!
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