BUYING THE BLOOD

In fairness to todays utter collapse, there is a distinct feeling of world war in the air. We are getting broken elevator pin action so far, which is typical with a market so oversold like this. We are being terminated and the liquidations will continue until they stop and once they do —- the buying will be fantastical.

I blew out of most of my stocks this morning and averaged down in two ETFs, FNGU, TQQQ. Since it’s early in the day, I will not rush to buy but instead opt to wade into this bloodshed and perhaps go bigger near the close.

I’m down 2% to start the day, but I know volatility is extreme and those numbers can change fast. If we run higher, I’ll likely do nothing. I won’t buy more or sell, just accept it. If we run lower, I’ll likely nibble because deeply oversold markets and panics are usually buying ops. There are exceptions to the rules and perhaps this is the beginning of a big crash. The mood is certainly grim enough and the news flow cannot be worse.

Nevertheless, I live by some rules and one of them is to buy the blood when afforded the opportunity.

I’m in Boston now, going for a walk. I’ll check in later.