The market is in one of those modes that cannot be reconciled with easily. We have seen them time in and time again and they always end the same: GIGANTIC FLUSH OUTS. Since February, we’ve been sliding down the bannister into a pit of fire, momo stocks consumed by losses of greater than 50% all the while the Jim Biden administration discusses the specter of doubling cap gains taxes.
Good luck taxing zero.
I stepped into today’s session with losses of 2.5%. I bought the morning dip and now stand before you, as the market crescendoes lower, down by 3%. I have purchased all that I want and I can and will purchase more. However, given the volatile nature of the market, it’s very possible that I will be catching elevator rides directly to hell. I have of course left my ego at the door and will not hold these stocks for the sake of holding them. My cost basis means nothing the second I execute and get filled on my orders. If I leave today down 4%, then so be it. I’ve had poor days before and I will trade poorly again. My hopes, based upon my feeeeeeelings, is that we’ll get an oversold bounce today. But that might not happen — especially since markets are steaming lower with real energy and it’s very hard to stop something prone to collapse.
It seems Cathie Wood’s ARKK is some sort of lightning rod to sell short. All of her investments are beaten on a regular basis, as her once glorious fund sinks into oblivion amidst a cacophony of absurd losses. I would not like to join her in said losses and have come to the idea that any trades placed today are temporary.
As for shorting: always seems like a bad idea into the hole. But then again, perhaps the hole can get a bit deeper first.
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