What a week. I'm glad it's over. Technical problems. Stocks-that-should-not-be-named blowing up. Surges in equity prices. A return of the bubble-headed bulls. Widespread celebration that the microscopic bear market the world has "endured" is over.
To top it off, I took my CMT Exam, and it seems like 40% of the questions were about point and figure charts. Huh? Does anyone actually use these things? I suspect whoever put the test together has as much an obsession with P&F as I do with Fibonaccis.
How many of the 120 questions dealt with actual technical patterns? Zero. You read me right. None. Although, thank heavens, there were three questions about analyzing cash holding levels at mutual fund companies. God almighty. Plus the pitiful souls that ran the testing center had their monitors all set to a 60mhz refresh rate, since I suppose they just don't know any better. My success story was that my eyes didn't start bleeding.
And what about my trading today? I bought puts like crazy. If the patterns pan out, there were bargains galore everywhere.
But the next time we encounter a low like we did in mid-March, would someone please remind me to go 100% into cash and wait for the VIX to get down to 18 again, like it did today? Because the last seven weeks have been a complete waste of time and treasure.
