Stop banging your head against a wall…
…And buy ’til it hurts. That was my motto the last two weeks even as I watched unprecedented buying and technical levels screamed overbought . I outspokenly got short this rocket ship around 925 in the S&P, and I made one of the toughest decisions you have to make in this business once we surpassed 960. I took my losses and I flipped my view and got long. One of the tough psychological factors when you’re in this business is that sometimes after being so wrong and watching your trades go against you for days, weeks, even months, it can feel worse to get out of your positions and then watch them work, versus sticking around and losing more money. It sounds like twisted logic but take my word for it. Although I was right, I still didn’t really believe in it, and I still don’t. Continue Reading »
Recession over? Don’t look at the stock market for the answer
If you happen to watch this stock market and pay attention to earnings you might be inclined to declare the recession over. Even though Italy just declared theirs officially over, I wouldn’t be looking at the six day rocket ship under the ass of the stock market to say things are totally back on track. Continue Reading »
Happy America day: Earnings are around the corner
To most of us its known as the Fourth of July. If you have ever traveled to or met someone from another part of the world. they have likely called it “America Day,” and to be honest, I prefer the latter. Regardless of race, gender or religious affiliation, its one of the few holidays everyone in the country observes and hopefully appreciates, and I think it ought to have a more appropriate, prideful nickname.
I’m on the train headed to Boston for the weekend and I thought I’d throw in some thoughts on the past week and a look ahead to the most pivotal time for the market. Continue Reading »
