“An obstacle is often a stepping stone.” – Prescott
A tough tough day that once again began with a nice gap higher but was followed with weakness, but this time, there was no bounce.
We need a bounce, there is no doubt, but markets can remain irrational longer than you or I can remain solvent, so I went back to a full cash position later in the day once it became apparent we were not going to see strength return.
It’s too late to short and a bounce isn’t coming so there is nothing to do which is fine since I’m feeling under the weather tonight so instead of doing hours of my normal homework/chart work, I’ll enjoy the split pea soup I made today and watch some How To Make a Murderer.
I talked about how things were not acting great the past few nights but I was being a bit stubborn and it cost me a bit, but not too much in terms of losses and we will get those back soon enough.
Nasty stuff from N:SPY who’s now heading towards the 187.50 and 185 support areas, where we may bounce but who the hell knows the way things have been going.
I had 10% from 194.60 and had to check out for a loss today at 189.40 so not a bit deal in the scheme of things.