My “Jackie DeAngelis Blows” post nailed the top to the DAY – September 19th – showing her rude arrogance aligning with peak market excess. That actually makes a lot of sense. For this condescending pretty-girl to be verbally abusing an actual money manager simply because he doesn’t drop down at the Yellen altar makes me want to retch directly into her mouth, and the contrarian in me sees a certain beauty in her behavior nailing the top so magnificently.
The world has gone crazy over the past few weeks. If you want to look for hot bullish plays, you have to seek out companies that deal with such lovely things as Ebola:
I said late in September how the market “felt” different, and it certainly has – – technical analysis is actually WORKING again, but the bizarre thing is, I haven’t been pessimistic enough. Take XOP, for example, which has been a crucial anchor for me in managing many of my positions: my target price was met beautifully, but there’s been a “bonus” as the market continues to plunge to depths I never anticipated this soon:
So the question which plagues me is: do I attach too much reverence to my VIX target of “between 22 and 23”, which was met today, and which compelled me to trim some of my shorts? Because the VIX might blow through its target just like XOP has. Indeed, it’s already started to do so………
The cold fact of that matter is that since the Twat Top, over 1,000 points of the Dow have been blown to smithereens. My fear of a bounce has, as is so often the case, robbed me of a big chunk of potential profits, and I’m sure my mindset will be little different tomorrow (e.g. constantly looking over my shoulder). But just look at the Dow’s chart – – bounce or no bounce, the indexes are broken, baby.