You kill me. -G
Good post. What passes for normal now, in the market and all activities centered around it, will be seen in years to come as nearly incomprehensible. If the story is well told, really decent folk will say "What the hell were those people thinking?"
Catatonic gaps. 50% losses in a month. Multi-billion dollar losses. Abuse of every leverage available, from simple margin accounts, all the way to supercomputer derivative plays.
Yup. Rallies are great. The best ones, for sheer violence, are bear market rallies, of course. Bear market rallies are rallies with an attitude. I think long lasting bull moves, the ones that last longer than any we have seen since Jan/2000, are more tentative. They trend in spurts and mark a lot of time.
Speaking personally, this one has been good to me so far. Some others were not. -g/ng We are a tiny bit above where we traded on that second gap-up Tuesday morning, so I have left some on the table it would seem. Hell, most of the long was gone on Monday, on the first gap up with QQQ up a paltry 10% off the lows.
Anyway, for me, the odds died with that second big gap up. I am glad not to be have been in the market these last 3 days. A good trader, which I still aspire to be, would sidestep this crap.
Imho, the consideration here seems simple (Note that I did not say it was "simple" to trade):
Either we are beginning a petite cyclical bull, a conceptual wave B up if you like, or, we are just killing time until these last set of lows are smoked. I expect to trade from the side for awhile, but I am thinking we are correcting. |
