The market is crashing, the market is crashing! Hardly. We’re down a little bit off the highs–the media just likes to inflate the importance of each and every move. After all, the major indexes are all still positive on the year! I think it gets a whole lot worse, but that’s just my cynical view–I won’t put any money on it because I’ve learned from the thousands of bankrupt bears. So, what am I doing in this market environment?
Nothing.
As much as I’d like t
o get more website traffic by talking about how to play crap company A or crap company B (told ya I was cynical)–there simply aren’t any charts that interest me right now, either long or short. Sure, there are a lot of stocks moving (mostly down), but none of their setups are high percentage setups (as detailed in my DVD ).
As I previously posted , JRJC and CSIQ were two potential plays, but I damn glad I didn’t touch JRJC into earnings (they disappointed big time) and CSIQ, after breaking out (successfully, if not easily) can’t seem to find a bottom. JMBA posted terrible earnings and forward guidance and got downgraded–so much for the wisdom of all their big name investors ! The current price action in these stocks disgust me.
Usually during holiday shortened weeks, there are tons of stocks in play as average Americans turn their wanna-be-day-trader dreams into reality and their incredibly naive trading styles opens the door to easy profits for those who knowhow to take advantage, but this year, none of that is going on. Surprising really. Does it mean average Americans have become wiser? LOL, yeah right! Does it mean people’s brokerage accounts are all tapped out? Possibly. Does it mean people are worried about their debt, mortgages, oil, etc. and don’t feel like risking any money right now? More likely.
So, it’s times like these where you have to say, screw it, pass me another beer and check out my latest video because you’ve got nothing else to do.
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