I take exception to the idea that today was a simple flat day. It felt like anything but to me, as every stock I owned was so good as to crumple like a pigeon getting blasted with a shotgun.
Today’s level close seems more a product of stocks pulling hard in opposite directions rather than any form of greater, orchestrated trend.
Now, I am most unsure of where things are; which is why I insist on holding such a large cash position.
Should we begin to run lower, I will feel the pain; most severely that it will come. Stocks like AEC, CLP, and CCJ will be mutilated without second thought by the weak people who hold them. They have not so far shown any resiliency in the face of adversity, and I don’t expect bravery from these cowards now.
I was very pleased with silver’s action today. A clear bottom is being set it, and it appears that weakness has been tempered by the heat.
Now I am setting off to the world beneath, to return home for refreshment and relaxation.