This time it was the shorts who got ambushed. DOW up 319. NDX up 89. Eighty-frickin'-nine. Wow. Absolutely green across the board.
This sort of volatility is associated with bears, not bulls. After all the selling we were due for the big snap back.
Today actually hurt. I got smaller again and have enough buying power to choke a horse. Sure there was money on the long side but I'm not interested in that here.
Maybe this is the big bottom here and we vault to new highs. That would be surreal. I'd be wrong and late to the big party. Oh well. I'll make money long if I have to. Nothing wrong with being wrong. Your average trader is wrong half the time. Key to being wrong: admit it and move on. You have to have a plan that allows for you to be wrong. Live to fight another day.
Anyway, if new highs aren't in the cards, I'm happy to sit out this bounce. We'll see. I can't not play the game so I'm sure to deploy capital soon enough.
Fleckenstein's headline today was great: "Market upgraded from buy to grab!"
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment