Is the object of this game to actually catch the bottom?
Go easy, the doorman said
The floor is slippery,
So watch your head.
This message read. – Neil Young
It’s slippery out there. Yesterday’s rally, in the midst of which the market happened to close, is now a fleeting memory. When you step back away from the indices and the broader markets crashing around you, and just look at the prices of some of these stocks — especially those that were our smallest positions like VC and ADTN, and you see the longer-term opportunities developing. We won’t catch the bottom by being patient and going easy, as Mr. Young advises, but is the object of this game to actually catch the bottom? No.
Regardless, I do plan on finally starting to scale into common in many of our most beaten-down names in the next couple days, but I’m not going to do much just yet.
Watch your head out there, I’ve seen a lot of ’em getting slammed.