Gather around gents and bear witness to the circle jerk. Before you come to partake, please place your brokerage accounts into the flaming barrels of garbage on the side, right next to the heroin needles.
In my previous post I said to “build positions”, which is always a good idea when markets are soft. But what I didn’t elaborate on is the speed in which I think you should do so.
I haven’t purchased anything today. I am more of a “buy the momo” type of person and I rarely catch falling knives. But when I do catch knives, I like to do it slowly, moderate myself to avoid large fuck ups. Today’s decline negates yesterday’s and places us back into the ‘fag-box‘, beholden to Chinese fuckery, who saw their “index” drop by 6% last night.
I wish this was enjoyable; but it isn’t. Watching a market destroy itself in a slow drift lower is always a drag. I’d rather be doing anything but this, literally. Part of me thinks I should be adding to positions today. But then I get visions of large gaps lower and recall the gut wrenching feeling of being “Four Horsemen’d” to death (see last year’s March debacle). So, instead of being brave and true to my mantra, I am opting for a safer route, one hidden and tucked away in cash. I envision myself pouncing on the tape just before it takes off. I will then bathe in $100 bills and light fire to them, nonchalantly, upon my exit.
Banks and gold seem okay today. Risk appetite is definitely non-existent and we need to wade through the final days of summer in order to get a decisive move in either direction.
So what am I saying, exactly?
I haven’t a clue. The market is seemingly rudderless and the only trade that has worked with any consistency is long gold. So, for now, I will keep GG as my largest holding, perhaps add to EGO on weakness, and maybe buy more ONCE if risk appetite makes a reappearance.
Comments »