Surely even God cannot be this munificent.
For days now, the market simply plunges a few hundred points, offering up a gift to the formerly-beleaguered bears. The BTFD crowd has been humiliated and battered and are now reeling from confusion.
Yesterday afternoon, after a fantastically profitable day, I told myself to brace for the prospect of market strength, since there will be a natural to-and-fro to the market, and sure enough, the ES was up about 5 points or so, But then, like clockwork, it slumped to -9. I checked the news and, yep, it was China again (my new favorite country). Just LOOK at what the ES has been doing in just the past few sessions.
You may recall how late in December I simply would not shut up about the (a) quantity and (b) quality of short set-ups. It was seriously unlike anything I had ever since, which is why I boldly declared I would enter the new year with 125 shorts (my plans were ruined when the market got ahead of me, as you know). But I got my “second chance” on Tuesday and shorted like a sumbitch.
This morning, glancing at pre-market quotes for my positions, I cannot help but think my enthusiasm was warranted.
Of course, the anti-Christ is not going to sit idly by, and I wouldn’t be surprised if “she” and other global CBs announced something big over the weekend just to shock the market into obedience. In the meantime, I will take profits in cases where things seem stretched (invariably I will do so far too soon) and keep stops tight.
Of course, if we could just keep doing this every day, it would make my life much easier, and Slope Plus members much richer.
