All
The markets appear to be trying to attempt to sort of stabilize a little bit…. kind of…. maybe. I’m serious. It’s just squishy and panicky out there. We need to let the psychology play itself out. The S&P downgrade, while in some sense, meaningless to everybody
All
The stock markets are down and down big this morning. And although we got an immediate 100 point bounce off the opening lows, the markets have now tested and broken below those opening lows. That said, the markets are now back to where they were during Friday’s lows. I
All
Letting The Days Go By/Let The Water Hold Me Down Letting The Days Go By/Water Flowing Underground Into The Blue Again/After The Money’s Gone Once In A Lifetime/Water Flowing Underground. Same As It Ever Was…Same As It Ever Was… – Talking Heads S&P
All
What’s right isn’t always popular. What’s popular isn’t always right. – Howard Cosell I’m worn out from this wild action. But we still have 3% of the trading week left, and who knows what the heck that last hour of the week will bring. Will the
All
An absolutely huge intraday swing to the upside hits now. And that’s why we don’t panic at the lows. I did sell some WFC puts and I bought some Apple and Visteon at the lows of the day. The portfolio is now up huge on the day too.
All
It’s slippery out there. And the path of least resistance seems to be down for now. Take a look at how the markets just keep fading lower intraday today (again): That is tough to fight guys. Stay in the game, don’t panic. But don’t fight this too
All
And that’s why we don’t try to catch an exact bottom. This market is going to have to rebuild some base and maybe even just settle down to some daily drips before we really see a sustainable kind of bounce. This morning’s early rally obviously was not
All
Power down the computer. Shut down the Bloomberg terminal. Turn off the TV. And go take a walk. You won’t see a 5% intraday sell off in the Nasdaq very often, and if you’re shaken up after today’s sell off, there’s a darn good reason for
All
Okay, heading into the close, I’ve done a few more trades. I did sell a fraction of my puts in Wells Fargo, mainly to lock in a 50% gain after just three days. You don’t get returns like that very often and this gives me some cake that
All
A snapshot of the headlines says a lot. For what it’s worth, only James Altucher and I seem to be wanting to buy this market on this crash. We could both certainly be dead wrong, but I’d rather be a contrarian. Matter of fact, contrarianism is a form
All
Yesterday, I met about 100 of our subscribers in the chat room at TradingWithCody.com/chat and we had a blast and learned a lot. Here’s the transcript, lightly edited and condensed. We also organized the transcript so that general market/investment/trading/strategy questions and answers are at
All
I do think it’s a better time to buy than to sell right now. Easy does it though. Trying to catch a perfect bottom is the quickest way to getting wiped out. Meanwhile, there are some very important psychological lessons to today’s action. Do you feel sick to
