I was out all day, as promised. I left up 4% for the day. Now I am barely up. Sharp reversals everywhere, yet the market is still up more than 200. During that time, Obama appointed an ‘Ebola Czar”, who has zero medical experience for a disease that has afflicted a handful of people in the United States.
This is a process. I don’t expect it will be easy.
Take a look at CLR. It was up 3 points in the morning; but now it’s down. The fundamentals suggest it’s worth more than $75. So should I be concerned with just one day’s trading action? If I was a neanderthal and had just two pennies to rub together, than I’d be beguiled with today’s misfitted action. But gents, need I remind you to never bet against Le Fly, for he wins even during defeat?
This process will play out. We might even retest the lows. But, rest assured, this market will be supported by our friends at the central banks and we will hit new all-time highs before the year is out.
don’t think our friends in the central bank won’t do anything but jawbone till SPX 1700 … that’s a way’s down
That’s true, but not likely.
Retest lows? No more “V” ?
Depends on which leg of the V you’re on: \ or /.
~ROX~
Uptrend
Continues
52wkhigh
Gigantic short interest, so a squeeze could help, but then again… I’ve had all those beverages… once….
Agreed. There will be at least one more day of panic before the calm.
Also, lower gas prices have, for all intents and purposes regarding market anticipation – but definitely not in reality – lubricated the consumer for a stellar binge shopping spree this holiday season.
This won’t actually happen, but the market will pretend like it’s going to happen, and so the path, I think, is up. But a little panic first, maybe on Tuesday.
I was doing so much better when there was complete chaos, we need more horror!!
I wish today I hadn’t bot that long $VIX spread, hope that makes *someone* happy.
Down only 1% on the entire account during The Dip of 2014 by staying small. Here’s to dry powder and better times.