The one thing that bugs me today is SYKE. That was a bigger short that I fully covered as it had a strong day on 7/22. What a fool and what a testament to how difficult this market is. In 2000-2002 shorts would go lower in a nice stair step fashion with a few nasty stocks that made big gains real fast for those that new how to short correctly. That would be the people that have read “How to Make Money Selling Stocks Short” by William J. O’Neil. This is a tough market. I am doing better with longs than shorts so until this trend changes to a distinctly hardcore downtrend, I think I will continue to look for the 25% of the longs that will buck this trend. Most of you have seen me short. You saw me short SUCCESSFULLY from November to January (check the archives) and those of you reading me before know during the downtrend in 2004, 2005, and 2006 that I also made good money on the short side. Right now, this market is a FREAKING MESS. Stay out of it, unless you can find the few gems that are setting up. Even then, those gems have no historical reason to work. This is all about odds and the odds still favor those that can find the 25% of stocks moving up in a down market. Shorts simply are too hard to work here for me.
new short positions: none
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