I keep seeing people saying 'shorts keep on shorting' or 'shorts are backed against the wall'.
Where is this coming from?
Heck- I prefer shorting over going long, and although I missed taking advantage of the profits on the long side I certainly havnt had my 'arse' handed to me shorting. In fact, I pretty much have sat out the last few days for a variety of reasons and I assume alot of other players have done the same. Any short seller holding positions from 2 weeks ago is either going to go bust eventually anyhow (either now or on later positions) or they properly allocated anticipating scenarios just like what we are seeing unfold now.
I do believe alot of folks underestimate the strategies used by short sellers. Anyone who has been shorting for over a year (!) realize that capital preservation is key. We rarely stand in front of trains praying/hoping things go our way.. Unlike most longs :) and when we are wrong? We are quick to admitt it and back away.
A few years ago, Larry Duddash harshly told myself and several short sellers that our days are numbered.. and that his extensive career on wallstreet has taught him that short sellers ALL lose in the end (his words not mine). Nothing could be further from the truth, and now that I see he is engaging in short selling I certainly hope he isnt just following the herd and has studied up on allocation/money management.. : )
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