Could be a rhinestone, could be a whole necklace, and that necklace could be beautiful, or it could be a noose... which'd make the Dow a scary old lady about to be strangled by Johnny (remember him, the e-trader on the trampoline?).
Made a ha-penny like it was nothing on that intraday rally you mentioned, then gave it right back when the next trade fell into my stop - seemed maybe too tight, but couldn't have been tight enough. Familiar story from the long side of late.
Weird vicious circle we're in, eh? The election story seems still to be contributing to heavy erosion, but preventing it from receiving the attention that might otherwise help impel the great panic washout everyone has been looking for. It's kind of "not with a bang, but a whimper." I guess investors have either been averting their eyes, or have been taking comfort in the idea that a post-decision rally would make up for recent losses, but the index would now need to rally 20 - 25% just to get back to the 11/07 close. And why haven't there been more stories of Joe Investor blowing his brains out over a margin call?
Haven't held a position overnight in almost a month. Used to trade on the future, am now thinking more about futures.
Just noticed on CNBC that Clark Yingst is turning fairly grizzly. I think he's a fine technical analyst, but last September, as I recall, he believed that the market was shaping up for a strong, broad-based rally. No one's perfect. So, noose or necklace, diamond or rhinestone? |
