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Over the past couple of years, Target (TGT) has lost an amazing 56% of its value. That’s perfectly fine if they were a wildly-overvalued biotech startup, but this is one of the oldest, largest retail chains on the planet, so that kind of performance is pretty damned embarrassing.
Assuming stagflation isn’t going to rip along with crude oil………copper looks like a rollover to $3.25 is in the cards. It won’t take much weakness to test that level.
I’ve mentioned this in earlier posts, but the first week of September was a tremendous source of frustration for me. False bounces, breakdowns, were fake-outs were everywhere while the market figured itself out. While most would have taken a backseat and watched the excitement unfold, I instead got chopped up. These are some old demons of mine which I thought I had crushed long ago but seemed to creep back into my trading. So after being traumatized by this, I finally sat on my hands.
At the same time, the past week is finally when the market decided on a direction. While I caught some of this move, it is nowhere near what it could have been had I been in a right mindset. Had I contained my emotions and followed my rules more strictly earlier in the month, I could have a) saved myself some money and stress and b) would have been in a much better place mentally to take advantage of the tremendous move the past week. I even made the comment going into Thursday’s morning session that I was hoping for 4330 to be tested that day (the SPX closed that day at 4330.01).
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