Don’t Get Cute

By -

Now that the market has turned down, I imagine most bears – who have been dying for this moment – are telling themselves that they'll get in when the prices are better.

I'm among them. The difference is that I've got 85 open positions, all bearish, and I intend to keep them. I'm pretty sure the market will move against them, and that's OK. I'm so deeply in profits on them already that it doesn't matter. I'm willing to wait it out.

If we do push higher – and I pray God that we do – I've got a veritable truckload of new shorts I'm waiting to get into.

But here's the thing – – back in March, as the market was undergoing another sea change, people kept saying I'll Wait For A Better Price. They knew the market was moving higher, but they didn't want to pay "top dollar" after a big surge. Let's call this thinking IWFABP. I was affected by it. And here we have it:


The problem is that a better price never showed up. Not even once. So……..


I cheated myself out of the vast majority of the rally this year by waiting for the "right price." I'll be damned if I'm going to repeat that mistake in the other direction.

Your friend Tim remains firmly entrenched and shall add to his short positions on any pushes higher. Come and get me!