I happened to see this sign while walking Coda around the Stanford campus tonight. It really does say it all.
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What a crummy day for your beleaguered host!
The core problem, of course, was my idiotic refusal to accept the reality that if Gartman had turned bearish on crude oil, then the downturn was completely through. My portfolio is fairly heavily influenced by crude oil (in spite of me having no position in it directly), so the benefit that crude’s weakness had been giving me in recent days was totally ruined today. It was ugly.
Even worse, though, was what happened with small caps (to which likewise my portfolio is inversely correlated). Let’s take a glance at today’s action:
Here’s today’s swing-trading watch-list:
Long Apple (AAPL)
I am so furious at myself. And I don’t normally give Springheel Jack’s post so little time, but I had to get this off my chest.
Remember that terrific day I had yesterday thanks to energy? Well, it’s been completely unwound by a huge rally in crude oil. It’s like it never happened.
Well, that sucks, but why am I so mad at myself? Simple. I ignored the clearest, most important indicator ever, as shown below.
Now let me be stone cold clear here: I’m not trying to cute, clever, witty, funny, or snarky. I’m dead serious. I had before me the closest thing to a foolproof signal ever created in human existence, and I thought, “well, maybe it’s different this time.”
Shame on me. Shame. On. Me.