Interesting day. Believe me, I had to contain myself, like an over caffeinated jackal in a prairie full of bunnies, refusing to put cash to work.
Despite knowing the market would gap higher today, I made a conscious decision to not base my investment decisions on short term moves, anymore. Right now, I am holding more than 50% cash and will start legging back into positions, little by little.
With [[FXP]], [[SRS]], [[SMN]] and [[SKF]] getting “mushroom clouded” today, I refrained from buying. The reality of the situation is: the market may mud stomp the bears to the tune of another 500 points, from here.
So you may think you caught a deal with SKF today, but that fucker can drop another 30 points, no problem.
With my money, oddly enough, I did absolutely nothing. Should we gap up again tomorrow, I may buy more [[SMN]].
If you’re caught short, I strongly suggest buying an upside play to hedge, then proceed to drink heavily.If you enjoy the content at iBankCoin, please follow us on Twitter