The overall index is doing fine because the large cap stocks have a ton of cash and aren’t richly valued. However, and as you know, everything else is getting drawn and quartered. Coming from a person who remembers 2000 like it was yesterday, writing $50,000 margin call checks in the morning– only to see it dissipate into thin air by lunch– this is worse than that.
I am referring to the specific area of the market that is plunging: bubble stocks. Your FEYE’s, WDAY’s and SPLK’s of the word, these companies offer zero respite–just down, day after day. Even in 2000, we received respite. After an initial 25% drop, the market popped 13%, dropped another 4%, then popped again 13% before collapsing. But now, we’re all so jaded, cynical creatures throwing everything into the fire because we like to see it burn.
Bear in mind, we weren’t always like this, rough edged, jackal like monsters. The market made us this way, especially after the complete and utter horseshit of 2008-2009. Even though I made a fortune shorting stocks in 2008-2009, I hated the business more than ever. It’s never fun profiting from other people’s demise, unless of course you’re into that sort of thing. I recall the feeling of futility, wondering if making money on the short side even mattered, since the financial system was bound to collapse and clients would lose their jobs anyway. At one point, I even started to stockpile dry food and physical gold, believing credit was about to dry up to the point of no return: Mad Max theory.
But now I don’t care about that sort of stuff. It’s all child’s play, fantasies of smaller men, in lesser positions. We will forge ahead and the market will heal in time.
Like religion, to invest is to have faith. Without any, you’re just pissing in the wind.
Hey Fly, Dry food and physical gold are second to guns and ammo in a case where the system collapses, and it isn’t even close.
http://www.silverdoctors.com/one-year-in-hellsurviving-a-full-shtf-collapse-in-bosnia/
Trying to collect myself after that video. So funny !!!
Is there a reason you haven’t gone short this time?
Yes, because I was caught flat footed and do not like to short “in the hole.”
guns, germs, and steel – the lesser men out there ought to read it
Remain short and cash… take profits on the way… cannot buy anything here.
Here’s what religon can do Cp’n Fly when awful people use it:
https://www.youtube.com/watch?v=57Q8K5TmivM
That is not religion doing that. It’s people.
It’s the belief system those people have.
Epic battle of the table top
Cramer called TWTR & YELP bad shorts after this decline, that they are both now imminent takeover bait
I can only hope. lol
+1
For those of whom it may concern: JAZZ Q1 earnings are expected to be announced after market hours on 5/8/14. Estimates: 2.370 | 1.824 | 0.770 (High | Mean | Low).
Anyone else think YELP’s bottom was it’s 50% draw down from it’s all time closing high of $98.04? It bounced from there yesterday. I’m not into technical(not educated enough), but a 50% beat down to a company with great revenue growth and a great balance sheet, hopefully that’s it.
NON: http://imgur.com/HlNJ7sK
That’s the fib from Jun ’12. Try that one.
So it’s going to go down below $25 eventually?
Nice round trip on Nasdaq…
So… great (sarcasm nonsarcasm)
Everyone is jumping to the remaining strong ropes on the jungle gym (lessroomtoholdon notstrongropesanymore)
Anyhoo, ‘Monstah’ beverage comes out with earnings after the bell today – an old Fly favorite…