If you were caught leaning heavily long today, it is important to keep your head. Days like today feature overly medicated midgets running around screaming about their bearish prognostications. As far as I am concerned, these types of lilliputians should be forced to use a bidet, in full public view, ON PRINCIPLE, rather than having the privilege of using the same public restroom that I do.
The technical picture is a mixed bag here. I will go into more depth in my market wrap up tonight, but the S&P is holding its 50 day moving average, while the small caps have suffered more serious damage.
Either way, panicking is not the way to go here. Riding the emotional roller coaster in the stock market is a waste of both time and energy. The same people who are pounding their chests today somehow, magically, disappear when they are wrong the other 95% of the time.
I will keep posting, and will continue to stick with my trading philosophy.
________
NOTE: A healthy way to blow off steam:
[youtube:http://www.youtube.com/watch?v=vZ6GGDpxYzw&feature=related 450 300] Comments »