Me and all the pro traders I have known for years are covering our shorts and going long. They told me this is a generational buying opportunity. These were the same guys that told me to short at 700 by the way.
just spoke with the same group of traders, and they said today is the first day of a long uptrend. They told me not to waste my time trying to daytrade the stock and hold till 600. Every pro trader I know went long this morning around 10am.
Bear market does not go on forever,I have seen them dumping XON after the Valdez spill,Starbuck,in the early 2000,MO when they threatened to file bankkrutcy,and then fundamentals take over,WSJ herd mentality -they all want to look like they are doing the right thing by being the first to run for the exit,and then come back and start singing praises oh what a great company XYZ is and it is time to buy,bla bla bla.