Well, Slopers, the founder of this site has once again proved his nature of “Amazing Chartist/Horrible Trader” by scaring himself out of the amazing PALL position (palladium) once more. Yesterday, for no logical reason, but based only on spooking myself that precious metals had gone up so much and surely would fall soon, I dumped my entire PALL position at a nice profit (arrow marks exit). Let’s just say the nice profit got a lot nicer. As I’m typing these words, Palladium is up about $100 more just overnight. Jesus, I’m dumb. So, so, dumb.
Missing out on the profits isn’t the worst part of it. Far worse is the fact that PALL looks better than ever – – absolutely dynamite – – and even now is probably a great buy. I just can’t bring myself to buy in as these high prices, though, which almost assuredly means this sucker will keep flying higher (as the chart PREDICTED) and I’ll be engaged in constant self-flagellation. To those of you who followed my charts (but not my paper hands), congratulations. This is probably the Trade Of the Year.
As for equities, it’s a total meh-fest. The /NQ is up a scorching 0.09% right now. As the NASDAQ chart illustrates here, it has spent the past week picking its nose. It isn’t the amazing kind of chart of, oh, let’s just say, palladium.
The VIX, at least, is showing a bit of life. Given the horrific grind lower for the lower six months, it seems to be curling up for, at long last, a nice push higher. Wouldn’t that be a cool drink of water in this desert?
I am entering the day with twenty-five shorts, none of which are doing anything particularly remarkable pre-open. I’ll see if I can end this day with my self-esteem somewhere above the level of “Abject Moron.”
