Here I thought we’d get a continuation of the rally. Then I look at the Dow Jones and see that it’s down for the year and I think to myself “what rally?”
All of the old timers are getting their egg salads eaten for them this year. Biotech and hacker stocks have led the way, trailblazing a path of extreme hedonism for those with the courage to buy them.
It’s red ink across the board this morning. I am down 0.7% and the trend appears to be decidedly lower. I can very easily chalk this up to a “June Swoon”, hope to escape with my limbs intact and prepare for a resumption of the rally in July. Or maybe this is just the tip of the iced berg. Maybe, just maybe, the market has topped and we’re all destined to bankrupt ourselves amidst horribly executed trades and a complete absence of risk management.
Traditionally, utilities do well during June, a seasonally weak time for equities. Should I gather my chips, wipe the cocaine off my nose, and go back to my hotel room to watch infomercials? Or, should I stay up all night, binge gambling with reckless abandon in the hopes of crushing the casino?
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Option B.
I am ordering ginsu steak knives right now.
The hacker stocks are going to get annihilated .
Grease (Greek) is the word.
Take the chips.Bank the 30% and see you
in the fall.