The Dow is off by more than 500 and the crash we’ve all been waiting for is finally here. My Bubble Basket of high value stocks is now down for the year — off a staggering 15% the past two weeks. This is real pain.
What to look for now is cessation of the selling and a motherfucking V shaped recovery. I know that sounds reckless, but that’s exactly how these things usually end up.
Here’s the skinny. There aren’t any outsized moved in forex or bond markets. There isn’t any economic news worth noting. So, this is, basically, a standard drop off the mountain tape — caused by greed, avarice, and now panic.
The only thing I’ve bought today is NBEV and I’m up. I’ve made a few dumb plays the past week and have almost made up for them by selling early and avoiding the lion share of this drop. Bear in mind, I was 65% cash heading into today. My next move will be sublime, an exercise and trading prowess unseen since Bud Fox hit the bid on Bluestar, only to then buy it all.
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And what move could be more svelte at this particular moment … Sears!