______________________________
Just know, while you guys on Twitter are trading in and out of FAZ looking for another top, the Chessmaster penned this focused and cogent piece on Discover Financial Services back when DFS was trading at $24.74 (currently trading at $32.66) in December 2011. Inside 12631, I still have part of my original position that I bought at $25.30, and plan on adding back likely after earnings this week.
To be more serious for a moment, though, trying to pick each short-term top and bottom is often an exercise in futility, especially during a trending market such as this one. Beyond that, it is too easy to get confused. After the sharp down day two Tuesday’s ago, I saw traders saying to “respect the downtrend.” It is precisely that kind of mentality that gets you chopped to pieces as a trader.
Indeed, that is why I do the daily video recaps, and why we maintain a clear-headed chat room inside 12631. One thing is for sure, if you try to live and die with every market move, you are going to see more funerals than the gay guy-turned-Dexter from Six Feet Under.
