I actually had a pretty good day today. The only reason I had a pretty good day today is because I sold a bunch of ES when it was at about 880. The market closed down hard again, so the account holding that ES short did well. My really big account – – the super giant one – – has an even balance of long and short positions, and in spite of being a very large dollar value account, it closed down $300, which is basically unchanged. Ridiculous.
There are plenty of great technical reasons to go long this market – Gary Savage has laid them out extremely well – but I'm getting the feeling that Gary and others with similar dispositions are in the same boat I was back in the middle of 2007 – – – that is, absolutely right about their point of view, but not having the market cooperate. I know exactly what that feels like. There is chart after chart after chart showing why the market show explode higher (even within the context of a multi-year bear market), but it simply isn't doing it.
The reason is pretty obvious; we are headed for a depression, and there is no reason to buy stocks. Unemployment is going to soar. Prices are going to collapse. Crime is going to rapidly escale. Even the survival of the United States in the form we know it today is at stake (and I can't see how it can survive). So why in God's name would people buy stocks?
But there are plenty of stupid people out there, and by God, we need their help. I am serious about this. Without them bidding up stocks (naively thinking that the bottom is in), we bears aren't going to have any real fun again. Where's Ben Stein when you need him? Where's AJC? What about Elaine Garzarelli?
Again, I'm serious about this. Where as the permabulls? Where are the optimists? We can't fleece anyone without anyone to fleece. This market is nearly impossible to trade. I wish people would take leave of their senses again. I miss that.
