…on making your brokerage rich via copious amounts of commissions from your overtrading.
This kind of market does not just wipe out stubborn bulls who buy stocks the whole way down, it also punishes habitual bottom pickers, and basically everyone except the most talented of daytraders. Eventually, we will form a tradable bottom. When that comes is anyone’s guess, and is out of my control. What I CAN control, however, is not making low probability trades out of boredom while the market remains unhealthy. On the back of last Friday’s distribution day, the bulls have to overcome a heavy burden of proof to get me enticed on the long side anytime soon. I am willing to change my mind at a moment’s notice, but I need to see the evidence first via accumulation and healthier setups across the board.
Finally, I urge you to continue to monitor $FCX as a broad market tell. It continues to weaken and has yet to see any kind of a bid. Watch it closely to see if that changes.
If you are having problems sitting tight, go get some discipline at basic training for Marines:
(Warning on the video for all of you thin skinned types)