But, I don't want to push my chips forward and go out and meet
something I don't understand. A man would have to put his soul at
hazard. He'd have to say, "O.K., I'll be part of this world."
As you may recall, my planned strategy for this month was pretty straightforward.
- Close out short/put positions that seemed to have fulfilled their potential, and tighten up stops on all the rest;
- Go aggressively long issues that I felt would ultimately retrace to excellent shorting levels;
- Once those levels were reached, reverse the positions and wind up making profit in both directions.
All that sounds marvelous, but the action in last night's market's has my confidence rattled. The Senate overwhelmingly passed the bill, and the markets fell. There's been a lot of commentary on this in last night's post, but I'm still surprised. I mean, if the House passes the bill, will the market fall even further? (And I think we all are pretty sure what will happen if the House rejects the bill again………….or are we?)
Setting all that aside, let us at least respect the sound judgment of our Senate. Out of a population of 300 million souls, these are the 100 wisest and most intelligent among us. Many commentators (including everyone's favorite, Jim Cramer) have said that there are times when the will of the people must be ignored, since the people don't really know what is best. Flexible democracy, if you will. Judging from what I've seen in the Senate, I'll trust my fate to them after all.
