In case you missed it during the many instances I mentioned it here and on Twitter, I contracted a virus. Mercifully, it seems to be on the wane (hurray, Tim’s immune system!) but while I was in the throes of my illness, I did something I hardly ever do, which is turn on CNBC (the total amount of television I watch in a year is probably a few hours, at most, and I only vomit my way through CNBC viewing during Fed announcements).
Anyway, the topic of discussion was General Electric (GE), which is my largest non-ETF short position. I took this screenshot earlier today, although I think it fell lower…………
I’m not the sharpest knife in the drawer, and sometimes it takes me years for a truth to sink through my thick skull. Allow me to give you a couple of examples.
The first has to do with buying gold bullion. Now, I’m not a gold kook, but I’m fond of coins and bullion to some degree, and there have been instances when I got the urge to buy the stuff. Usually this would come after a long bout of strength on gold’s part, and I just couldn’t help myself anymore, so I rushed out and gobbled up whatever I wanted at my local dealer.
If, one happy day, the world is engulfed in financial cataclysm and mayhem, we can remember back to the days when the turd-throwing apes at places like CNBC were pushing stories like this:
I never seem to learn – – the moment this fellow says something, RUN the opposite direction. I stupidly held on to some energy shorts, with predictable results. On the brighter side, I got stopped out of DRIP yesterday morning (at a loss) and piled completely into QID, which is doing well.
As I pledged on Friday, after my feckless (albeit profitable) dumping of QQQ puts, the NASDAQ is doomed at this point. My 25% profit became a “would have been” 125% profit, and the felicitous gods above get big giggles crashing markets after I exit them.
Since I am as good as my word, the NASDAQ, while not crashing, is certainly resuming its slide this morning: