Well for me, Tuesday stunk, Wednesday was great, and today mega-stunk. At least I’m not short Apple, which has hit its highest level in history and, even at these levels, is sporting a really strong pattern breakout.
With oil pushing higher (finally), DBC seems to be getting some strength and, as cheap as it looks, appears like a good buy. I’m not so sure. Just take a look at each of those little red lines I’ve drawn. In each case, one could have argued that commodities were forming a base and were ready to reverse, and each time, the tumble simply resumed. The modest pause we’ve seen in prices plunging isn’t a justification to fight the overall trend.
Over the past few days, I have been shorting, and shorting, and shorting some more. This morning, in the face of a big red number on my portfolio and a market poised to continue surging, I entered my final 35 positions, bringing my total to 143 shorts. Shortly thereafter, well, things started changing color. I am prepared to, once again, be a hero or a fool. May God smile upon the bears as they execute his holy work in this poisonous land.
I did a post back in February when DDD was about an $80 stock. Simply stated, I think 3-D printing is a fad (and this is from a person who, since 1979, has bought pretty much every new interesting technology on the first day it came out). 3-D printing has received a ton of press, but I think very few people are actually going to use the damned things. In any event, you can see how DDD has done in percentage terms since peaking earlier this year: