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Hello, everyone. I’m typing this on Sunday evening about an hour after the futures markets have opened. In the least surprising news in human history, the ES, NQ, and RTY are all green right now, although modestly so. I wanted to share a few off-the-cuff thoughts as we head into this important week. Believe me, this post is as much for me as it is for you. Perhaps even moreso.
There are very few people on the planet more famous than CNBC’s Jim Cramer when it comes to financial media. He’s been around for decades (and, oddly, still looks exactly like he did thirty years ago), shouting out investment ideas and opinions to anyone who would listen. He is handsomely paid for this shouting, earning a healthy $5 million per year from his friends at CNBC.
I stumbled upon this item from late in 2020, in which he pulled together what he thought were the most powerful, profitable investment ideas for his viewers, and he dubbed them The Magnificent Seven (which, along with “The Good, The Bad, and the Ugly”, has got to be the most hackneyed, overused, tired, and lazy title to offer ANY particular subject). Here’s the handsome devil showing off his proud picks. (As an added humorous bonus, read the words at the bottom of the screen shot; I guess “ecosystem” is supposed to make him seem smart).
In trading, few things hurt worse than money left on the table. (In the unlikely event any of you are unacquainted with this term, it refers to profits forsaken because you were too impatient, scared, or what-have-you and missed out on extra money).
It’s virtually a truism in trading that you’ll score 8% on a given trade and it goes on to throw off 90% in gains. It happens all the time, but it happens CONSTANTLY in highly opportunistic and volatile markets like this one.
I am no stranger to this situation, particularly since my own emotional and psychological makeup doesn’t lend itself to – – how shall we put this? – – stalwart, steadfast, fearless determination. I prefer to slip on a pink taffeta dress, maybe some matching pantyhose, and scurry around closing anything that has a profit.
I’m exaggerating a bit (except for the clothes part), but just in recent weeks, the spreadsheet below shows the positions I have CLOSED, with the “entry price” reflecting whatever price I got when I closed them. Shield your eyes, Frank.
(more…)Let’s start with an email I received about a week ago from a free Slope of Hope user, whom I shall keep anonymous:
I have attempted to introduce myself to your website and your community, but I am absolutely disgusted by the political content of your site. Therefore, I have unsubscribed to as much as I possibly can from your site and community and will have nothing further to do with your ilk. Is it asking too much to find financial discussions that are limited to finance and don't gratuitously throw in political agendas? Particularly political agendas that are just a hop, skip and a jump from fascism and racism? I wish I could say good luck to you but I can't. Instead, I wish you the very worst. - Cathie Wood
OK, OK, the name wasn’t real. I replaced the real name. But the rest is genuine and that; was the entire message. (All I added was the boldface for emphasis).
(more…)I realize that the quantity of editorials and essays that have been written about how People In Restaurants Ignore Each Other and Look At Their Phones Instead is so large that they probably use scientific notation at this point, but I simply must chime in based on a recent experience.
