Loading ...The Toughest Trade….
Is to go against the market.
The open today was so extreme and liquidity so poor that it was basically impossible to enter an order and have any reasonable expectation that you’d get a decent fill. For that reason the only wise choice today is to sit it out. A lot of people sold into the spike low and got flat-out murdered — less than an hour later that act looks damn stupid.
However, you will soon have an opportunity to sell the bounce that comes when you get spike-down moves like this. It is unwise to try to get too far in front of that petering out, and if you’ve been long and just watched 10% or more of your account vaporize in names like Netflix and Amazon it will be intoxicating to see your balance creep back toward where it was a few days ago.
It will be very hard to sell into that rip because you won’t be “made whole.” But that still may or may not be the right choice, whole or not, on a cold, stone-faced analysis of the stocks you hold.
Prepare yourself to be coldly analytic now.
This is not a day to trade, it’s a day to go the bar and drink.
In the coming days you will need that cold, analytic view to make a wise decision.
Go find it today, whether it’s a day at the range, a day at the bar, a 10 mile run or a wild night of sex.
This isn’t over folks. In fact you’re just seeing the beginning, even as you watch the DOW come back by 2/3rds of its opening-print loss.