What did Anthony Weiner and the equities market have in common today? They both went down in flames on CNBC in front of millions. I don’t know what the future holds for Weiner (a guest host spot on Saturday Night Live, maybe?) and I would be a tool to implyI know where the U.S. equities market goes from here. Hell, yesterday I mentioned we might see a little bounce off of the inverted hammer on the SPY daily.. WRONG.
It’s important to remember that predicting the market is virtually impossible and trading on prediction (same thing as hope) is very dangerous. Gotta play what’s in front of you. Be prepared for anything. I basically tossed out my Watch List today and went straight for intraday momo trades (up or down). The goal was to pocket very short-term profits and take nothing but cash home with me.
So, what stocks am I holding right now? Nothing! Well, let me rephrase that.. I’m not holding any positions that were added this month – everything I bought this month has been sold. I have a few crap stocks sitting in my account that have been there forever.. tiny portion of my portfolio and I may just dump them just so they don’t sit there. The chart below represents all of the trades made this month.. and they are all closed. So, I’m basically all cash and that sums up my market sentiment. It should tell you that I’m not confident in either direction – long or short. It still feels like a day trading environment.