I’m hoping for a washout to below 11,000 so I can put some money to work on the long side. This penny ante short one day, buy the dip the next day shit is not my cup of earl grey.
Once the BPNYSE dips below 30% (oversold territory) and crosses back over that level, will be the time to get the offense back on the field and score some major points. That’s the low risk point, where people can get crazy and buy just about anything on breakouts and bank easy coin. In the meantime, I’m hedged and drinking Margaritas.
The bulls are still holding out for a recovery here. Everytime the market is up, even a little bit, they get all hopeful, saying shit like, “we’re putting in a bottom”, “oil is going lower”, and “it looks like the market is turning around—time to buy”. That tells me we still have more downside left.
I’m eyeballing 11,000 Dow or lower before this will happen. The BPNYSE is sitting at 42% as of yesterday. The trend is down. I think we’ll get to below 30% sometime this summer.
Don’t delude yourself into thinking the market is oversold. It isn’t. Not yet. It can get worse. Embrace the pain, as they say in the Chinese work camps.
Until then, I’ve got the defense on the field via [[DBA]], [[USO]], [[SKF]], [[FXP]], [[SZK]], [[DGP]] and [[GSG]]. I also threw some cash at [[FXA]] because I like Crocodile Dundee. More shrimp on the “barbie” coming up.
Btw, MA just triggered a sell signal for me. Time to watch it closer. I’ll probably cut it loose today so it can wander the halls of financial darkness. The fuckers should have raised the credit limits and put more commercials on TV. How about ordering consumers to rush off and buy stuff within arms reach? Did that occur to you, guys? Now look at what’s going to happen to the stock.
Idiots.
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