"Ready, Willing and Able" To Short Stocks, Bleier Says
Posted Aug 10, 2009 10:39am EDT by Peter Gorenstein in Investing
Related: intc, mot, ebay, qqqq, skf, ^DJI, ^GSPC
After last week's impressive run, the market is pulling back slightly this morning. Investors may be taking a wait and see attitude ahead of the Federal Reserve Board's upcoming meeting and this week's retail earnings.
Scott Bleier, president of CreateCapital.com, is taking a more cautious view of equities, arguing the rally has probably run its course. "We made multi-decade lows from a technical perspective in many stocks and many indices and that rebound has had little resistance but now we’re getting to major supply, major technical resistance," he says.
A bull last time he appeared in mid-April, Bleier now tells Tech Ticker he has exited most of his long positions. "I am ready willing and able to begin shorting stocks," he states.
His current advice is to look to stocks that have led the rally and decide whether it’s time to reverse the trade. "You should be looking for those stocks that are bumping their heads into that major resistance because those are the short candidates."
Among the candidates on his list are the same stocks he recommended in April: eBay, Intel and Motorola. He is not shorting them yet but they are at the top of his list.
