BOTTOM LINE: More patience, grasshoppers. If, indeed, we are going much higher, then a few days of consolidation is to be expected. Of course, we could be consolidating before making another leg down, which is why I am content to sit in cash and let the market sort itself out. I know I am not winning any balls of steel competitions with my 100% cash position, but I could care less. I trade to make money. What do you do, sir?
I’ve just started following you Chess and I have to give you some major props for sitting out this mini-head-fake-rally….i thought you were crazy and that we’d go up from here for sure but you proved far wiser than i…
down we go…
Well, we still could go straight up from here. I prefer to swing trade, holding for at least a week. So, I will miss out on some early gains until the market proves itself to me.
Thanks for reading.
The Russell is still green.
Yup. Great eye Marsha. I am kind of stunned that the small caps are not leading us down.
Bailing today at 2:30 was the best move I made.
Nicely done. You have been spot on.
Hello Chess, I totally agree with you. My brother is a stock broker over 20 years in Tokyo, and he says to me same things as you say. “PAUSE to observe” BTW, thank you for your thought for PPO last friday, I bought and sold them that day, because I didn’t believe this market to hold them through weekend, and made money:) I am a big follower of you.
Thanks for being a loyal reader, Tom.
This is scary bullshit — pun intended.
Indeed it is.
Best 2 sec video ever on iBC.
Are you following anything of a Canuck nature currently?
I think there’s an interesting play unfolding in the oil patch in Alberta. Chinese have made major investments over the past 12 months in (3) hvy oil Co. There is currently no infrastructure (pipeline) to get oil to the west coast. If the Chinese gain enough traction in enough Bbl’s to warrant the mega investment in a pipeline the candidate list to build it is slim TRP & ENB. Any thoughts, to pass the time awaiting market consolidation?
Very interesting, thanks for sharing the info.. I will look into it. Canada is doing well these days compared to the rest of the world.
I own TRP in the long term account and it doesn’t move but it pays a good dividend and I sell calls off of it.
ENB is good too but it doesn’t pay anywhere near as much.
If oil tanks (no pun intended) the project might not come through. Alberta oil requires a high oil price to be profitable.
Patience is a virtue chess.
Glad I passed on this morning.