Below is, in a nutshell, my disposition toward 2023 thus far (I am a Knight, remember).
My bearish spirits have been trampled by a variety of methods:
- The fact the goddamned market keeps going up;
- The beat-down that Slopers are giving me for having a bearish bias;
- A rather compelling and lengthy post from Zerohedge (which, as I’ve mentioned, has become an incredibly bullish site over the past year) making the case for a big “up” year in 2023.
There are really only two sources of solace I can offer the bears, if there are any left.
The first is that I have retreated, and retreated, and retreated some more. Gone are the days that I had nearly 40 positions going. In my main account I’ve got ten, count ’em, ten positions, which is essentially “flat” in my world. Added to which, I have a breathtaking 54% cash. I cannot remember a time in modern history when it’s been that high. I suspect the market should crash any moment, humiliating me.
The second is that the /NQ is mashed precisely up against its 50% retracement level.
The only thing that’s keeping me from total despondency is that I just found out the company in which I was one of the first investors in 2005 has reached “unicorn” status (over a billion dollar valuation), which has me nursing the thought that I might not be a complete moron after all. We’ll see.
