When I saw futures tumble last night I knew what I was in store for since I decided yesterday to not hedge and to barrel into today with large long exposure. I haven’t turned on my monitors until now, furious at myself for being fooled, tricked even, by a very predictable and unfortunate outcome.
The market didn’t rally today because this is a bear market. Yesterday we all basked in the glory of the market bounce and today we suffer from the pangs of hubris.
It’s over and has been over for quite some time. In true bear fashion, all hopes and dreams are crashed against the rocks of reality and all fantasies of yesterday are almost mirages, mere memories of a time when pain and suffering wasn’t the main focus of asset prices.
Im down nearly 3% today. All of my work for the week destroyed. I’ll have to decide whether to go further into this hole and pray for a bounce tomorrow or get back in line with the bear.If you enjoy the content at iBankCoin, please follow us on Twitter