The market drops by a staggering 0.6% and all of the bears, dressed in their finest burlap tuxedos, come out to declare victory. Let me explain something to you, my good Sir.
THE MARKET IS SUPPOSED TO TRADE LOWER, after big increases. On the other hand, it is supposed to trade higher, after big sell offs. That’s what makes a market. The quickest way for you to lose all of your coin, AND MORE, is to react to the data on an intra-day basis. You’re blowing things out of proportion and making mountains out of molehills.
Since I believe we have more upside, rich with cash, I HOPE WE TRADE LOWER, so that I can buy some quality names cheaper. To be specific, a sell off today is exactly what we need, in order to cool things off a bit. The PPT closed at 2.99 yesterday. A small sell off today will put the score in the 2.50-2.75 range, well below the ominous OVERBOUGHT range of 3.10+. In other words, be careful about stepping into those fucking murderholes, but take advantage of price fluctuations when you think the market has it wrong.
In short, I will likely add to my longs in the last half hour of trading.
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V.King(ed)
I was waiting for you to post your next “Gem of Gold of the Internets.” I was refreshing IBC every 2 minutes. Thanks Fly. Well said.
bull stew
Confirmation bias is nature’s only renewable resource
If you come in to trade everyday with a bull, or bear, bias–you will see every tick as some kind of “sign”. HFT algos will continue to out trade the retail investor, because most human traders have a permanent bias of some sort.
Historically, low presidential approval ratings, and low consumer confidence, are actually very bullish long term. The reason is, the market does the opposite of what the retail sentiment wants it to. And, the retail sentiment still wants down.
I like your explanation.
So do I but I hate his/her gravatar
you shouldn’t hate.
I’ll stop hating once you can curl half your body weight…
by the way I do like your Gravatar
just a little pull back please
Fly,
You still hold full position of CLF?
yes
1. What stock did you buy 2000 shares of?
2. The market will bounce then sell off tomorrow if we close at lows today
3. I want more fucking cartoons
I’m falling asleep here….
everyone wants it’s lower, bulls and bears. going higher
Already been adding son! Captian le fly
wow, so you have faith that 2.99 isn’t “close enough” and that we actually have to hit 3.0 before the market will start to top? isn’t it possible that intraday the PPT reading would have at some time been above 3?
edit: nevermind I see that it’s 3.1, not 3.0
I sold half of my FAZ position at $14.27 a share, for a loss from $14.80, effectively de-hedging a little. I’ll pop back in when FAZ dips below $14, if things look right.