The permabull site Zerohedge (95% of whose content is form variant of “Goldman says…...”) had a breathlessly excited article just before today’s open. You can see what followed. And to think these guys used to harass Gartman non-stop!
It reminds me of one of my Trading Rules:
TAKE THIRTY – After a given event, be it a major economic report, an announcement from the Federal Reserve or – – and you can certainly take it this far – – the opening bell of a new trading day – – do nothing for 30 minutes. The market isn’t going anywhere, and on the heels of any specific event, it’s best to let the market thrash about on its own, whipsaw the energy out of its system, and then calm down into something easier to interpret and navigate. I would add to this that, the bigger the event, the more valuable it is to have this just-wait-and-see time, as hard as it may be to sit on your hands. Can’t manage 30 minutes? At least try for 30 seconds. Impulse is your enemy.
