Loading ...A typical huge hit they took in early February. Then a couple of decent rallys that petered out. We here all know well, any time you buy in late and high, and soon after you go into a ditch, you ain’t gunna break even for a long time. And it pays to just cash out, book the loss, before you go even lower.
Note to a friend below.
The market should have had a bounce today. Not doing so makes the situation worse than we thought. Now I’m more confident than ever that this correction is not going to be brief at all. My guess years.
After decades of watching and playing the Gold and Silver market, any time you buy in late and high, and soon after you go into big sudden drop, nobody is lucky enough to break even soon after that. And it always pays to just cash out, book the loss, before they go even lower.
The general market players had two very nice rallies to bail on but over confidence in the uptrend probably kept many in or even added shares on the lows. My car dealer friend is LONG and confident. He said he was buying adding to positions.
The SPY was entering a natural correction on the 215-218 highs in mid 2016. That run up of 33% more to 285, after Trump started talking, you could say was completely unwarranted or unnatural.