I mentioned some time ago that I had a major "duh" moment. Specifically, that when the market (or stock) advances more than I would expect it to, look at the short interest. JOYG had a terrific day today. Their short increase had also increased rather markedly from APR - May.
I'm wondering if the juice for the market today was real exuberance or the fact that short interest overall has been increasing across the board by people in the 'money know'. The FOMC minutes were not comforting with respect to the drag of housing on the economy. Now, as you might imagine, I was not surprised by that statement; I doubt that any of you were either. So I did garner some comfort that my thinking was not so out of line in that respect; but was discomfited that there was not a more forthcoming worry earlier.
3 comments:
"juice for the market..."
"real exuberance..."?
"short interest overall..."?
looney, eh?
a tell! it's lunar!
full moon tomorrow!
no Aroon indicators for me - rather, moon indicators.
thanks for your provocative post, Leisa.
regards,
joey
regards
Schwab had no shares to short this afternoon for JOYG, I tried.
I've heard the "no shares available" story from others. Personally, I don't short, but I still pay attention to other people's experience.
I heard an interesting comment from Michael Metz. He noted that while stocks are not particularly cheap right now, they remain the best asset class currently available. For this reason, he expects this aging bull to continue for now, an expectation that I pass on FWIW.
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