Tim Knight, me, Mr. Permabear, was beating the “Buy” drum this week, hoping for a bounce. Well, the bounce is underway, and it’s a beefy one.
I am taking things on a stock-by-stock basis. I don’t expect to nail the top of the bounce. On the contrary, I expect I’ll enter plenty of positions too early. However, I don’t want to prejudge the size of the bounce. As I said, I am judging each stock on its own merits.
Thus, I am beginning my ravenous re-entry into bear-land by shorting these 30 stocks soon after I put up this post. They themselves have already bounced mightily to zones I feel are prudent for shorting. I may well have 200 positions by the time I’m finally done.
When will the bounce end? The Fed announcement in a couple of weeks? Election day in the first week of November? Today? I don’t know. I do know this, though: the bulls are in for a very, very big surprise. Just like before. You’ll see.