I'm looking forward to reading comments (even though there's probably a small amount of snark in there………) Obviously today was incredible, and obviously I missed a huge opportunity by not owning index puts today. Indeed, I came into the market long the QQQQ. So – – irony of ironies – – Mr. Bear got smacked by the Bear Market.
Not to say that today was bad. I made some money, but not nearly as much as I "should" have (the quotes are deliberate, because it's all too easy to second guess ourselves). Naturally I am disappointed, and I am going to go through all my charts (well over 1,000 of them) to get a fresh look before the opening bell tomorrow.
I honestly thought the Dow would shake off most of its losses today, but I think the persistent fear is My God What Is Next. So people couldn't stomach the idea of staying long. Two hours before the close, the Dow was really blasting higher. That fell to pieces.
Reaching for my report card, I'd give myself a B- today. Considering the circumstances – – and greatly aided by my bullish gold call! – – it wasn't so bad. But I can't help but say I am disappointed in myself for not believing the Bear could dig deeper. I've waited far too long for this market to act in that manner. Shame on me.
