Welp, I guess I don’t have to worry about being upset with myself about being so light this morning. Being light was just what the doctor ordered. Sure, the market gapped down Sunday and fell for hours, and when I went to bed, I was fully expecting to see -200 on the /ES and start raging at myself. Nope, it’s green. No reason is needed.
I would like to make one remark about something I’m seeing a lot lately, which is the notion that the bears somehow “dropped the ball” on getting the market to fall more. How they couldn’t sell their way out of a wet paper bag, and so forth.
This is total nonsense. There is nothing that those with a bearish inclination can do to “make” the market go lower. There are no incantations. No spells. No gritting our teeth really hard and really, really wishing things to go a certain way. Nor is there some kind of amalgamation of bears that could make this happen.
As little as I know about sports, when I watched Duke lose to Houston back on April 5th, THAT is something in which it would make sense for someone to say the team really blew it. That they should have done this-or-that, and that it was their game to lose. That makes sense, because there were certainly specific decisions (and probably pretty simple ones) that would have allowed them to retain their handsome lead and win the game. But, nope, they blew it, and it showed.
My point being that if the market rallies mightily, as it has done over the past week, that is a fact, a circumstance, and a situation, but it isn’t something that the “bears”, whoever they are, allowed to happen or could have prevented, any more than a person in a boat in the year 1680 should have been castigated for being on the open water when a hurricane showed up. It sucks, and he has to deal with it, but don’t scream at the guy for happening to be there.
Thus ends my micro-sermon. I see that the market remains a wall of green, so I’m going to take a few dozen paces back and give the charts as open-minded a look as I am able.
