Today’s pullback is an early test for the bulls. We all know how important it is to get off to a good start. We came out of the gates running. But now we’re just lying around eating jam sandwiches, watching prices drop. Small cap stocks are still surging, which of course is a bad omen for the overall market. The other day we were so overbought, I honestly felt there was a chance the market could go on a tear. Sometimes I get sentimental and wish for things that aren’t possible or realistic.
You want to know what’s sad?
It’s sad to see gold/silver higher and the miners lower. I feel bad for Jakegint. I honestly do. These stocks are plain awful. I’ve been invested in EXK for months now, to no avail. Why in the world should I hold it when it goes lower everyday? Again, I yearn for normality and predictability. However, it seems the more money the Fed prints, the less inflation there is, partly due to the Fed’s ingenious decision to pay interest on reserves. Banks are parking money at the Fed, instead of lending it, because why bother taking risk if there’s a sure thing at home?
My Japanese stocks are down and the Yen has rallied. My holding period for these names is no less than 3 months. I know, The Fly is not known for holding onto stocks for so long, especially when they’re up–which they are not. But that isn’t true. You see, I am up 12% on VHC and haven’t sold a share. I hate the stock, love the idea, and hate the short sellers even more.
Bottom line: I’ve invested a lot of my money into this market and have bet on it going up, as have most of you. AAPL is up and the market is being tested early on. Let’s see if people have the stones to buy ahead of earnings season.If you enjoy the content at iBankCoin, please follow us on Twitter