Many bewildered bears had a great day today as the market sold overpriced tickets to “late longs” who were shortly there after driven off a cliff to the tune of ~3% on all major indexes. Some bearshitters had a wonderful day full of gains and gumdrops while the majority of longs were met with hard concrete. Especially devastated were those who bought tickets for themselves, families and friends yesterday with great vigor into the close.
The last month I’ve barely been online and as a result not in near as many positions as I typically am. Mainly gold, oil, shippers, solar and bullshit lotto tickets currently haunting me while I sleep. Part of the reason why I cashed out was expecting something to go wrong sooner than later and an effort to ensure I have plenty of supplies should I be presented with an opportunity. Considering I don’t trade for other people and have a fixed sum allocated to this endeavor, I must act more like a sniper and less like a marine so to speak.
In passing someone mentioned that most of the buying going on now before some type of major correction are the “late longs” if you will. The smart money was in for 75% of the move and now what’s left is the rubble being flown from the train as it finally crashes into a wall.
For those of us who aren’t total leeches or degenerates, we’re aware of the current reading on The PPT overall hybrid score. Its had an uncanny knack for timing this crack fueled market’s temperament through past dips, but I wonder what will happen when it’s not a dip but a full on “lose your limbs” slaughter the longs style Braveheart bloodbath. Something I’d like nothing to do with, might I add.
The purpose of this potentially lucrative month of October will be “Panning for PPT Gold” aka using the screener to sort through the bullshit and find the gold.
Regardless, the streets are talkin (sic) and if you don’t want to find yourself derelict, you should be listening.[youtube:http://www.youtube.com/watch?v=tGoNfgXxD2g 616 500] If you enjoy the content at iBankCoin, please follow us on Twitter