I was doing just fine, until Wooshedder jinxed me with this statement:
“Beware the late day rally.”
Thank you very much Mr. Woodshedder.
Well, my day was hectic as cow shit in a pigsty. At this point, it’s rather pointless to discuss what I did, since it’s all hindsight. However, I will say, I ended the day with losses and was forced to rehedge my shorts, into the close, for the love of little babies and currency.
It’s a little frustrating to be off on timing; but it happens every once in awhile. The important thing is to stay focused and not try to hit a homerun, into losing positions. Instead, sometimes it’s better to eat losses, cut a clean slate and start anew, if only for peace of mind.
It’s clear the market is dying to go up. Bad news is not hitting stocks and good news is nowhere to be found. God forbid we get good news, this market will go parabolic, if only for a short term rally.
I can tell you, with the utmost certainty, the market is not healthy. I cannot say if we bottomed, but I will guaranfuckingtee you, the market will not go straight up.
Bank stocks are cheap, based upon where they were a few months ago. However, I think it’s fair to say their business models are severely impaired. Therefore, it makes little sense to go long banks, for any long term duration of time.
At the end of the day, I find myself with a hodge podge of stocks/etf’s, that will likely result in zero gains tomorrow, regardless of what the market does.
I own FAZ, FXP, EEV, REW, TNA. BGU, FAS and DUG.
Within stocks, I still own some GME, UNH, M, PFE, GU and a bunch of other stocks, not worth mentioning.
Bottom line: stocks are for asshats and I should practice my sandwich eating skills, during the afternoons, instead of trying to time tops.
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