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Good morning, Slopers! Isn’t this market a blast? And I say that on a morning when the quotes are ALL green. Doesn’t matter……….this is the most enjoyable and most CHARTABLE market I’ve seen in years.
Of course, the mainstream media, which is 99.99999999% permabullish, is spending all its energy looking for reasons for the market to bounce and stating just how insanely oversold things are. Here’s a favorite (take note of the headline……..):
Let me take a break from the mountain of excited emails flooding my inbox (actually, not a single person……..) and offer a bit of a life lesson with respect to charting. It has to do with this:
In spite of it being merely four days long, it was a really good trading week. The one giant blemish was how I bungled my AAPL trade, which was a tremendous success from an analytical perspective but an utter gaffe personally, since I managed to completely avoid the 200%+ gain that ensued a mere three days after my post. I mulled it over a long time, and I wrote down this short but sweet ruleset:
An ENTRY is based on a discrete rationale An EXIT is based on the violation of that rationale OR a discrete profit rationale There is NO PLACE for whimsy
The first rule I nailed perfectly. My entry was indeed based on a discrete rationale. More specifically, it was based on my superb analysis! It’s the rest of this compact little Guide to Life where I completely muffed it.
(more…)OK, that feels better.
One item I didn’t touch at all is Nvidia, which reports next Wednesday afternoon. This thing is totally in the free-fall zone.
