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August 10th, 2007 at 8:31 am
I know this is hard to fathom in the current “bad news” environment, but be prepared for the possibility of another massive rally as we test support on the indexes. If it occurs, it could be short covering, good news (real or perceived), or both driven by seller fear of Fed or other intervention.
Watch for this, we may have already seen the lows premarket.
Just laying it out as a possibility. If you see this happening, don’t be so quick to jump on puts.