Recapping the day's news and newsmakers through the lens of CNBC.
With many decisions, not only must you be right, you have to be right at the right time.
That's one of the problems confronting short sellers, many of whom have been losing money holding out for a market plunge they are sure is inevitable. With stocks going up and up, several short-selling funds have recently closed, and the average short-based hedge fund was down nearly 17 percent this year through October. Those funds have lost big every year since 2008, with the exception of a miniscule gain in 2011, and many of the most heavily shorted stocks, such as Tesla, Chipotle, Netflix and Best Buy, have gone up even more than the broad-market indexes. Now many short sellers are clinging to the hope that the end of the Fed's quantitative easing will torpedo many stocks. But other experts think QE may have successfully primed the economic engine. Oppenheimer predicts the S&P 500 can produce double-digit returns next year.
"This is it. It's the bottom of the ninth and we're about to hit a home run. I believe this is the best opportunity I will see in my life as a short seller."—Shorting expert John Fichthorn, co-founder of Dialectic Capital Management