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I’m ova here now, eating sandwiches in the face of this drama. Some high quality olive oil does wonders for a sandwich, in case you were wondering. Also, a bold espresso washes it down perfectly after you have finished eating.
As tempted as it may be to sell all longs and go short after this morning’s reversal, the market simply does not want to roll over right here, right now. Take an objective look at the price action, and you will see that it is benign. The marquee materials and techs should be down 3%+ across the board, but they are not. Looking at my portfolio, not one position is down 2%. In fact, $PAY is screaming higher. Of course, I still have my long $QID hedge.
Nonetheless, the bears need an afternoon thrust lower to command my respect. I am well aware of the indecision that we have seen over the past several days, fully on display with the string of long dojis that have been printed. It is important to note that the indecision, in and of itself, is still not enough to turn me into a bear at this point in time.
I understand that many of you steadfast bears will just counter this post by arguing that the market will simply roll over tomorrow, and today is merely foreshadowing the move. Perhaps that will be the case. However, after the sustained move higher in the month of September, the bulls have earned the benefit of the doubt, which means the bears must overcome a fairly heavy burden to reverse the trend.
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This is one bear thats convinced!
I think its nutz in the market rallys in the face of the marco issues, which, 6 months ago would have tanked us. I must conclude that those days were an over-reaction (to the negative side) and that we should pay it all little heed. I pray here for a small meager pull back that I might unload my ulcerous TZA and load up on quality long stocks…like AAPL, PCLN and NFLX
OC is my best position at the moment (up 1/2 % today). I have to work on our mobile home and will be buying some low-tech fiberglass before the cold weather hits.
Nice chart.
haha, single wide or double?!?
LoL. I am sure he has a “Madden Cruiser.”
Old 12′ x 65′ single wide with a home built plywood pole frame expansion and wrap around. When county gov’t property appraiser toured after completion, decided it was now a double wide.
Shed most of my longs earlier this week except a few runners including RIG, COCO (8% today!) , GNK and VXX – cause it’s cheap even if we only get a breather.
I thought the GDP/jobs number was permission to launch but it turns out the secondary boosters were not fueled up on the ground.
Heavy cash for a few days/weeks.
PS – if (when?) this bitch does roll over that VXX TeeShirt is mine on the BIDU short. I’m just saying…
Well played, Donovan.