Greg is at it again (below), the guy has a crystal ball. He is truly amazing. The problem is, like with all of the totally useless analysts like he is, his crystal ball only works in conjunction with a rear view mirror. And most people love this crap, love it. They love hyperbole, emotion, hot air – and above all, they apparently love not making any money in markets. Amazing. So are you going to listen to Greg and the other geniuses who spout that garbage, or are you going to work hard and spend the (frustrating) 12-18 months to hone a very professional approach? Your choice.
As opposed to Greg who is always right and never loses money, in the real world, traders, like myself, make mistakes and we lose money. And if we have passion and a professional approach, then we learn from all of those mistakes. But Greg knows ZERO, never learns anything because he does NOTHING, and therefore is always right.
From this mornings premarket, when there was a sea of red, and the world was screaming about the “crash”, these were my comments, from 2/6 (and 2/5):
From 2/5 premarket –
“It is the low rates, especially the last few years, which has smothered volatilty. That is history…..More stock market selling today across the globe. Mondays after a big Friday selloff can often be a turn around day. And the retest on Tuesday. I’ve been “cutting back” on positions and “cutting back” on the time-frames. And I “cut way back” on the symbols on Friday for a reason, and you can see why I did that”.
From 2/6 premarket –
“Also, we get in these wild moves, and people rush for the other “exotic” instruments, like the VIX products, or bearish ETFs, a very amateurish move, while of course again ignoring and not spending the 12-18 months to learn how to trade. It is the trading knowledge, ability, and experience which gets us thru the volatility, not exotic instruments. “At the end of the day” it is about the overall performance, not the rushing around, flailing around, catching the latest moves. Overall, it’s not the instruments, the “movers”, the short-term wildness and chasing, it’s about building a solid approach over time, focusing on honing that, believing in it, and not deviating from it based on the latest moves. We ned to learn to be pretty good about anticipating (well ahead of time), not reacting. And BTW, there is nothing wrong with a professional, prepared, experienced approach which uses the “exotic” instruments.
In the meantime, I do not remotely believe the bull market in stocks is over, not even close, but I do believe volatilty is here to stay, and I do believe in opportunities being more available going forward. And I do not believe in the very amateurish gold permabull theory that the “crashing stock market” will cause gold to soar.
As to stocks, for the last few days I have not given symbols. Since starting this website, I have given this advice at times – don’t “press it“. But I’m looking thru some of the wreckage, strong stocks which haven’t “broken down” like ABBV or IMMU (long), or former strong stocks which have broken down like OSTK (long), or stocks in accumulation like IOVA , or stocks which have recently broken out like INTC. I have given out numerous stocks which fit these categories.
I talked about this idea yesterday – “Turn Around Tuesday” – an old Wall Street saying”.
Here’s more from Greg sitting in his hot air balloon: