4 Looks like those people calling for a 10% down day monday were sorely dissapointed the world did not end and as we speak futures are higher with PM’s leading the charge. So many people were calling for it, that I figured it was too obvious to happen. Those pointing to the credit market being in worse state than in 2008 are simply making the mistake of assume things are as they were. Did you expect that much fiat creation to not upset credit markets? Shorting when shit looked bleakest hasn’t worked for me in the past, and I think it is the obvious trade here, which means it probably won’t work.
My strategy was very simple today – I woke up, noticed we weren’t down 3% premarket and spent my day doing other shit.
I remain long AXX (TSE:ADV) and SVVC in starter position sizing. I expect svvc to be above 19.50 and AXX above 2.70 in a medium term time frame. Until then I will wait patiently to buy more lower.
4 Responses to “Looks like the world didn’t end”
The Fly
You are just asking for the stock Gods to beat you to a pulp.
TJWP
I agree. Fortunately for me the folly of youth allows me to laugh at the all gods.
As you have repeatedly espoused and demonstrated, no balls no glory.
“Like a 21 gun salute I aim for the sky, on some peach cobbler shit I came for the pie.” – Crooked I
http://www.youtube.com/watch?v=D_FH7sL5UdI
redman59
The problem with days like today is that it just adds fuel for violent ranges, whipping many in/out or until they have no money and those that preserved step in. I think a -10% down day would have been better than days like this. All opinion but my theory anyway.
TJWP
I suppose, today’s candles on the qqq and the spy can be short term bottoms if we get upside confirmation of the hammers tomorrow. The iwm could almost be a butterfly with upside confirmation.