Joe...
I don't know the answer to your question. For whatever reason, some folks will always look at shorting as a practice that falls somewhere between unpatriotic and evil, which of course is absurd. That said, I do not believe jdaasoc is among that group.
Aside from that, the futures currently are only up modestly and hardly by amounts that would imply serious problems for the shorts this morning. Late yesterday, the Fed/PPT/ESF was in the market actively buying the large cap index stocks with a view of turning the markets to the upside, but all they accomplished was to drive the large cap index stocks up - the rest of the market did not participate. That could be the start of a big change in the effectiveness of intervention and historically all such efforts at intervention have failed and eventually become ineffective. We shall see if that is the case here.
I went home last night with all long trading positions looking for a mild rally into Christmas, but I am very nervous about the market and will be quick to reverse positions at any sign of trouble. Overall, I expect a less volatile day today, but I could be wrong (certainly not for the first time).
mlsoft
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