MG, Re: The Zero Sum Game
It entertains me to read the MDA/BK thread and read all the disparaging comments regarding the mythical J6P. If the professionals are so good why is it that year in and year out 85% of them cannot beat the Index. Meanwhile, as you referenced, J6P has a life!
I certainly agree that the Market is not broken, but it is extremely fragile. My BASIC indicator for the Big Boyz shows 42 of the 65 on a sell signal and BAMBI reflects 53 of 65 on a sell signal. The talking heads can ramble all they want about a quarter point rate hike built into the Market, but there is a long-term philosophy of trading that says don't fight the fed.
While Hope is not an option, I was hoping to get some padding between where we are when the CPI numbers are announced and OEX 665. I simply fear that next time we will not get the dramatic bounce. The disappointment is that I kept expecting the Market to at least provide a minimal Fib retracement and it simply hasn't happened.
I think we have both been saying that the Drugs are the key. They simply comprise too many of the top cap companies. Yet, here we are negative for the year!
So, I feel like the vulture in the cartoon that says let's go kill something. As I look around the only shorts are SOX and OSX. Frankly, I favor OSX as the daily shows a breakout, but the weekly simply shows a failed test of a down trend line. I noted it yesterday, but didn't react in time to catch today's highs. I'm hoping for another little bounce up and then ...
It entertains me as the folks talk about this sector or that sector immune from a Market slide caused by whatever reason. As I look at the charts from last Fall, all sectors got devastated, some just more than others.
I'm glad that T went up, but I assure you that I lost more by F going down. Actually I'm always more concerned about the investment accounts than I am about my own little account. Moreover, it still pisses me off to have stepped into a failed H&S, as I thought I was beyond that.
Enough for now from the humid swamp.
PBTB |
