Stocks Rip Higher At Open and Then Immediately Get Killed

More than 50% of stocks are down 20% or more from the top. The tera-caps have infected the indices so greatly, you can no longer see what the market, the real market, is doing. Then again, in this environment of crony-capitalism — why buy anything but tera-caps?

I ask myself this question often and I continuously chide myself for chasing momo stocks. I’ve had a reprehensible month and I am being chopped up like a scallion on a Guy Fieri chopping block. I keep thinking I know what to do — and then I do the wrong thing and start again. Small respites are met with rancid drawdowns, in the midst of the most incoherent economic environment in a long time. We are now harangued by supply chain issues, all the while a COVID lockdown and apparent fantastic economy — full employment lest you are unvaccinated.

This morning’s gap up was immediately met with unrelentless selling and we’re still in it. I bought at the open because I had cash. I bought because I wanted the market to go up. I want the market to go up because I want to increase my account value, and yet the opposite has occurred since then.

Now I am betwixt a cross road of stubbornness and malleability. Do I cut losses and wait and start again, risking getting bogged again — buying in higher and raped lower? Or, do I simply lay down in the bed I’ve made and trim gently when needed? The risk to that stratagem is wholesale collapse — which can occur during periods of oversold. We are quite oversold and the market feels on edge like it wants to do something terrible.

I am leaning towards the stubborn camp, especially this early in the day because nothing says “fuck you” like holding stocks knifing lower. I’ll show them.