A Tight, Trapping Market

Several years ago, in the @RaginCajun ‘s hometown of New Orleans, I was described by a local at the Harrah’s casino as a “tight, trapping, sort of poker player,” meaning that I played only the best poker hands, folded a lot, and got my money in with the best odds. However, just when it became obvious to the other players at the poker table that I was playing “tight,” I would run a bluff or throw a wrinkle or two in try and throw them off.

Although the chart patterns in this market are not currently particularly “tight,” the market itself sure seems like it is setting plenty of traps on a daily basis, as I noted in this post on Friday. Cash is still the best position in a bull market correction, as risks are still high to either direction. Life is not always easy, but I do not see much point in trying to make it any harder than it needs to be. The same applies to the market here, as longs and shorts are currently wresting for the initiative.

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