BZH beat earnings and guided higher.. now if RYL has a good report tomorrow before the open, we might conceivably have that bounce in building sector continue. At least there is something to watch. The difference between us and others is that we don't expect much of a general across the board bottom, but rather a recovery first of the companies that have beat the estimates, have guided higher, and are not trading already with high p/e's. The tech sector is not as attractive as some of the others just yet.
Looking for a bottom is a lesson in futility, why waste this incredible downside? At this level, we do agree that we don't hold "gobs of shorts" into the close, but leaving a nice short osition will "secure" your participation in another 'sell into rally". The risks are still more on the long side and by SWING SHORTS.. you can be ready to take a small loss in case of a sudden rally (which has not happened from the time of the QLGC rally) as your stops are trailing to keep up with the profits.
By staying out of the market and waiting on the sidelines you would have missed all the shorts in technology, biotechnology, banking, internet pigs.. etc from just April (last quarter's earnings reports) which would have been 3 full months of short plays.
The beauty is when the market does rally a bit ( a full 3 days is a rally), we will be ready to get some upside even with a small 'overlap' that is inevitable although even that hasn't happened yet. You should learn from some losses but they should only be trading losses OCCASIONALLY, not the monster losses of the bulls trying to time this market and telling you "Don't Trade on the short side because market internals are oversold" They have been oversold for 3 months now!!!
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