The film Memento (2000) centers around a man who suffers short-term memory loss, and must wake up every morning more or less starting from scratch in his quest to uncover the identity of the man who he thinks murdered his wife. With the stock market selling off aggressively yesterday, followed by today’s equally powerful move higher, one has to wonder whether Mr. Market is facing a similar predicament to Guy Pearce’s character in the film.
Indeed, the past two days of market action have not been momentum trading at all, but rather “Memento trading” with yesterday’s concerns being thrown to the wind along with caution today.
I covered my two shorts inside the 12631 Trading Service for 1-2% losses each, containing my downside and opting for full cash into the weekend. I am not seeing too many quality long setups, but will reevaluate that over the weekend for my Strategy Session.
Enjoy your summer weekend.
Well put. Great movie, great song.
Perfect analogy for this market!! After 2-3 down days, even with big red candles closing at the lows, no negative follow through. Ever. Goes against all “trading wisdom” dating back to 1990.
Awesome flick…OK, so what am I doing? Oh, I’m chasing this guy. No… he’s chasing me. Market doing the Memento…opening bell rings, Ok , where am I…S&P 2124 I don’t think so.
Off topic, but Ravenous was great too with Guy Pearce. Robert Carlyle “Run”.
I was prescribed an antibiotic many years ago that caused vivid dreams, and upon waking up, it seemed like they really happened. It was quite disconcerting.
I ended up jotting down notes before I went to bed, to determine that what happened afterwards was a dream.
Drugs can save your life, end it, and/or turn you into a psychotic mess. Short of death, it’s a tough call sometimes.
Perfect analogy…for a brief moment in time, because we actually closed on the lows, I thought there might actually some continuation. What was i thinking it’s the beachball market of course and Thursday didn’t even happen.