todays one of those days that just burns your bottom. markets start off decent..then fade..then recover..then chop chop.. ur scalps reverse..breakouts fail..nw breakouts reveal themselves…then they fail..ur stops get taken out….they reverse course..you get tempted to buy the 2ndary breakout…you buy the 2ndary breakout…the breakout fails..u move up ur stop…ur stop gets taken out…the stock reverses..etc etc etc If I wasnt such an A.D.H.D. trader leading a group of 100+ crack addled teenages on spring break 2002 (aka the distinguised members of the boom factory) we probably would have just had a chill day counted our winnings from previous days and talked about chicks and football like regular people do. I would have Dipped my toes in the morning..then sit back move up some stops and chill. but i didnt…these days you never really remember them for losses. A couple pennies here or there dont really mean anything. Its just the slap chop..the waste of the commisions…the time …almost pointless.
Today we popped right back under last weeks breakout level spx 1217. In the scheme of things it doesnt really mean anything and is probably good for us. Im sure many of watchlists looked like a nuclear bomb went off in them as every parabolic low floater, mineral, metal stock just pop popped. We had some nasty reversals a strong dollar, some bank weakness, and overbought conditions. this all contributed to our “60 point crash”
In the end we havent even cut through our first levels of support. ( i got my eye on spx 1200 and 1190 area). till that happens..nothing really matters. remember in the end we will always have Helicopter Ben aka the beareded one aka Emperor of the Universe aka “He Who has No Name” to save us with his magic money.
i raised a bit of cash today so that I can reposition into an assortment of china ding dongs or oil & gas names when I see some good R/R.
Remember in life especially in dark times like the “60 point crash” you can always count on 3 things.
1. kunal00 aka the brown brad pitt never loses multiple days in a row
2. There will always be the chinese lotto to play (accounting fraud stocks are so hot right now!)
3. “He who has NO name” will always make it rain it rain on us ho’s via large quantities of U.S. Rupees.