You’re getting excited, aren’t you? FIT is +3 since my morning post and markets look grande again. The Federal Reserve meeting is scheduled for tomorrow and nothing can go wrong, apparently. Reflecting on my personal struggles in the market, over the past two years, I am not excited, whatsoever, about current price action. Even if 100% of stocks were up and all of the bears laid dead, strewn out across Wall, I’d still compose myself with a stoic oddness, often seen in department store mannequins.
Let me rephrase how I feel, so that you really understand where my head is at.
My third largest position is BIDU, currently up 9 dollars. If BIDU were to go up 90 points today, effectively making me a rich-er man, I wouldn’t stop reading the book that I’ve been reading all day long. I do not care about short term squeezes or “potential breakouts” anymore. It’s all shit. Fool me once: shame on you. Fool me twice: fuck, I’m an idiot. Fool me for two years straight: I’m a god damned piker who deserves to lose money.
Quit being a piker. Don’t believe anything they tell you. It’s all lies.
“The Fly” is the truth.
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The Fly is, indeed, the truth.
Tough picture right now.
– Pretty decent bull move heading into the FOMC announcement (150 SPX handles off the lows from a month ago). Normally would have me wondering whether we’ve seen a lot of the move already.
– Rate hike has been discussed ad nauseum for years. Easy to see anything the Fed does, and whatever forward-looking posture they take, being bought or sold. Absolutely no way to tell beforehand IMO.
– Lots of people out there talking about “needing” a retest of those late August lows. Dumb money sentiment at very high levels. This is what causes me to be much more cautious about getting bearish than I otherwise would.
Lots of uncertainty, but seems to me like no matter what happens tomorrow, we probably see more upside until October, probably making a lower high around 2040.
Bow down to your new master
SIG!
Does this mean that we are now going to accelerate our move up???
Today, made some nice $$$ on ITCI, GPRO and WMB
I used to have this dream/nightmare
where I’d go to work and never get
paid.
It’s come true.
Still September. Staying with my 50% cash. I don’t care about the rate hike. I’m scared of the savages.
Banked good coin on FIT today. Thanks, Fly.