985 points. Something like that… right? Wow. And The best Worst 8 days since 1978? You heard that too? Yowzahs. …And since 2008. Oh, no. Not again. No. No. No. No. This is serious. Where’s that Dow 20,000 guy? Tell me again, why that’s going to happen…
Yesterday, you literally could have been on the phone with a client ready to sell x,y,z after seeing another 140 points coming out of the tape & by the time you got done with pleasantries the Dow was up 23– and you’re saying “let’s just sit tight.” That’s the twisted nature of this beast. One day you’re hitting the gym by 4, playing daddy by 6, and making love by 8. Next thing you know you’re visiting ZeroHedge a few times a day, looking for ETFs that go double long gold & short the market simultaneously. Hitting the refresh button on Business Insider every 5 minutes to keep the headline machine running.
HA. HA HA. HAHAHA. So– what did you do? Hold? Sell? Buy? Are still you ok with that?
Don’t worry about the correct answer, it’s all of the above. Depends on your situation. And in x amount of time we can decide if you look smart.
Real quick though, the market rallied because? a) Yields went lower in Europe b) Technicals c) rebalancing effect d) QE3 rumors e) PPT f) IMF money sloshing around or g) Algorithms h) earnings i) japanese and european intervention k) the tape got tired or l) someone finally mastered cyclical investing in mongolian markets?
That’s the “wrapped in an enigma” stuff. I don’t really try staring into that lamp anymore. I just turned 37 on Tuesday. And frankly it wasn’t a great birthday, the market aside. It was the type of birthday where you see who your friends and family really are, which isn’t necessarily terrible per se, but we weren’t exactly dragging out the party favors either.
I feel older. Hopefully wiser. It’s the year of the rabbit, and I’ve been running to stand still. And that’s ok. But on the down days… man it’s tough, I know. When it hits the fan, it does get quiet in our office; when it’s a 265 point day, it’s a giant commentary on the experiment of our humanity. And on my birthday. How dare you America. Even if we are twins.
But I love the idea of America — people coming together to create something awesome. I gotta tell you though, after this last week I dunno. Seems like the money that is involved in moving the pieces on the chessboard aren’t really interested in anything but collecting more stuff.
And truth be told (why stop now), ZeroHedge & Business Insider actually kinda like the down days. And all the rest of the media & bloggers too. After all, we are the information spring. Filling our canteens of relevance in a desert of talking points. And there’s nothing quite like when fear kicks in, the drowning sensation…
And as much as you love America, and I do too, let’s face it, We’re not number 1. We’re average at best. We had a great run. We’ve been great at times since, but we’re the not-so great, great, great, great grandchildren of our forefathers, and the grandkids of the great depression…sitting around waiting for the inheritance to pay off, watching MTV & Two and Half Men, thinking everyone loves to listen to our stories about #winning. And I’m here to tell you, they don’t. And we’re not.
Some would say, we’re a has-been. A washed up, good for nothing bum. Too much Starbucks and McDonalds, I suppose.
And on down days, the media is the itch; the eye twitch. The twinge reminding me & you, that we are no where near close to being ready for the championship bout. Rocky? We haven’t even started with the chasing the chicken around the pen. Carry logs in the Russian tundra? Punching slabs of meat in the locker? Sure, let me just finish this cigarette…
So, where we are then?
It ain’t pretty. You remember the worst hangover you ever had… for three years? I know. Sucks, right? You probably just want to crawl into bed & give up every once in a while. I’m with you America.
This country is 235 years old. We’re old. Maybe this is it. Maybe we just need a hip replacement. Maybe this is as good as it gets at 235, AA+.
But before we go any further, I think its good that we gut check ourselves. So, I need to know.
Are you in or are out? Long or short? Yes or no? Up or down? Let’s put ’em on the table people.
Because this is serious. This is seriously serious.
Results after the close. And nothing here is a solicitation to buy or sell securities or offer advice. And Tweet me.