Some of you are so mentally deranged, you attempt to post comments each and every day, despite being banned from doing so, as if you were talking to yourselves. I see your comments in the moderation pile and I urinate on them, as I chew on beefed jerky. I am ever so sorry to disappoint you, but I saw this decline coming. I know it pains you to know and see that I’ve been 50% cash for more than a week, with GG being my top holding. Don’t worry, fucked face, I am sure I will make a few errors upon my reentry into the markets.
At the bell, I sold out of my GG position, putting my cash position at recent record highs. Despite my belief that the market will turn up soon, I erred on the side of caution, after seeing the market cascade lower into the bell. I still have one gold stock, EGO, which I intend to hold a little bit longer.
All of my other positions were castrated, like yours. It was an awful day and a sad day for those drinking NASDAQIRIS. I have a mind for this sort of tape and it takes a lot of patience and quick wits to catch an inflection point.
It was a 90% down day, indicative of margin selling, panic and despair.
Given all of the news, is it possible we are entering a new bear market?
Sure, why not?
But nothing goes up in a line, nor down. Recall how the oil stocks bounced off the concrete earlier this year, luring a fresh set of canaille into their shares. I believe, at a minimum, we are overdue for an oversold bounce. If you believe the market dynamics have changed and the economic conditions dictate that stocks should trade lower over the foreseeable future, sell short or liquidate after the coming bounce.
Ideally, we gap lower tomorrow morning and reverse higher into the bell. That would set up for a pleasant afternoon and sublime change of pace into the weekend. I’ll post more later on tonight, after I had time to fully absurd todays fuckery.