The market has rallied sharply off of its intra-day lows on news of a Greek austerity plan and agreement. The S&P 500 and NASDAQ Composite also both held their 200-dma averages, hence a continued bounce is likely unless we see a reversal back towards the lows by the close. As always, stick to stops on any short positions as it is unclear where today's action will lead. As well, given the potential for a bounce, short-sellers should assess the risk/reward potential for short-sales at this juncture given the market's ability, so far, to hold the 200-dma.
SSS - Thoughts on the Short-Side Going into the Close
|Published:||23 Jun 2011 19:30 ET|
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