We’re in the process of bottoming out now. Do you want to know how I know this? I don’t mean to be glib or provide you with an obnoxious form of candor, but the last of the bulls are now squealing and social media is abuzz with doomsday callers, all lining up to be executed by the market.
I don’t know this for sure, naturally — which is why I am 60% cash. But I am feeling bullish and I do like the market reversal today, as it sends the last bull to the gallows of misery hoping for an expeditious hanging.
My game plan is as follows.
Buy more. After those stocks dip further, buy again, and then wait. If the market turns against me, I’ll be out of these positions by Wednesday. But timing a bottom is hard, especially one wrought with fear. It’s a delicate process that requires a surgeons hand, steady and firm, yet skilled.
I am a Doctor, after all.
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+1 “boolish”
I went long some non-tech names on Friday, and still holding my long tech positions from Thursday.
+10 “If the market turns against me, I’ll be out of these positions by Wednesday.”
The hardest part about trading. I may disagree with Fly occasionally (frequenty?), but this discipline is what makes Fly a pro trader, as opposed to a sheep that can’t see the trend changing.
If we end up testing the bottom again later this week, then it will probably fall out (IMHO). I’ll be putting a hedge in later once we rise a bit to compensate for this possibility.
Fly, we’re fucked. The bitch wants lower.
That bitch will take the kids too.
Fed is with drawing massive liquity. The stock buy back with rate rise and bloated debt is not gonna work this time.