"1. Based on the last 5 trading days, you picked an excellent buy-in point. If your intent was to trade, you should take profits now, and I congratulate you. If your intent was to invest, it's too early to declare victory."
Intent: Attack at inflection point. Take profits at point of loss of momentum. If we are dealing with a great, non-cyclical company, and we got it very cheap, NEVER sell.
"2. lots of very smart people, including a couple of Nobel Prize winners in economics, have recently lost their shirts (and pants, and socks) through overleverage. Are you smarter than they are?"
Not only am I smarter, everyone here is smarter. Do you read the papers? Do you have any idea how much leverage they used? They weren't smart, they were insane.
I am poised to sell all margin on a moments notice. Does that satisfy you? When is margin appropriate if not after a 36% index drop?
I didn't start doing this 3 years ago.
4. You have changed your mind about my being brain dead buying NVLS and now I am brain dead for margining at nas 1350. Jacob, you simply think I am brain dead unless I agree with you. My goal is to make money whether anyone agrees with me or not, but I sincerely don't appreciate being called brain dead.
"Do you think that they called the bottom for the semi-equip cycle at the nvls cc? What makes you think the last few days gains won't be given back, just as quickly?"
NO, and YES, I think that substantial gains will be given back, if and when the market cools off. I will probably be out first thing in the a.m. unless there is a rally. If it collapses overnight, well, hopefully I won't lose more than 25% of the gain |
