Matt I added to my TZA shorts at 8.77 which was a timely
entry so yes I got short by going long the short fund at
support(I am 100% bear so I am well and truly short
except I love MNTA(but sold now)!) but frankly
the nature of this fall is such that people were not expecting this
kind of drop IMO.I do not believe a large % of people went short on
each of these breaks....They were waiting for a better entry IMO
thinking we r oversold and will rally back to a better spot
and then we had drop after drop....even Steve or yourself
below mentions something about the nature of the
decline and giving back all the gains from Oct 15th or the like in
3 days or so.A slow grind up and then a waterfall sell off..the
average punter I do not believe was expecting this as each time in
the past he got screwed by shorting the dips!This reminds me of
March in reverse .As I said I am short but I think many aren't
because they were expecting more time to get a better entry when
and IF the decline started.Maybe you are right and all BPT
members have many shorts but I would bet against that
probability.3 months to get here and 3 days to give it back..no way
were people positioned for this well IMHO.
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Title: I am a bear
$SPX...
Posted by hurricanemalta on 22nd of Jan 2010 at 08:08 pm
Matt I added to my TZA shorts at 8.77 which was a timely entry so yes I got short by going long the short fund at support(I am 100% bear so I am well and truly short except I love MNTA(but sold now)!) but frankly the nature of this fall is such that people were not expecting this kind of drop IMO.I do not believe a large % of people went short on each of these breaks....They were waiting for a better entry IMO thinking we r oversold and will rally back to a better spot and then we had drop after drop....even Steve or yourself below mentions something about the nature of the decline and giving back all the gains from Oct 15th or the like in 3 days or so.A slow grind up and then a waterfall sell off..the average punter I do not believe was expecting this as each time in the past he got screwed by shorting the dips!This reminds me of March in reverse .As I said I am short but I think many aren't because they were expecting more time to get a better entry when and IF the decline started.Maybe you are right and all BPT members have many shorts but I would bet against that probability.3 months to get here and 3 days to give it back..no way were people positioned for this well IMHO.