May you continue to be humble.
Cash is king, agreed. May this not be another 1998 for us. I remember Slider, how you pounded the table and predicted bottoms for the oilers all the way to the bottom before it finally kicked in. (I still remember your call on PTEN to be heavily bought @15 as it eventually wound up @3 before turning up) I like the more contrite, more objective Slider with a wealth of knowledge who knows there is no certainty in this thing.
I would agree with you 100% that it is not worthwhile to pick bottoms especially after that experience. Wait for strength as you say, a breakout of resistance to have a margin of safety.
I am with you, I will not give it back up to the market. 100% cash here now, waiting for HGMCY, GFI, NEM possibly to show a better set up.
Objectivity is key to preserving capital. For instance, a falling dollar is not necessarily a panacea I also agree. In 1998 again, the dollar fell from the 105 level to near 90, while gold simultaneously fell $40 to $265, and oil fell to $10. |
