The S&P fell 20.68 points, or 1.1%, to 1882.95. The Nazzy tumbled 99.51 points, or 2.2%, to 4468.17.
Today wasn’t the worst of days, but it was a bit unsettling as the market continues to behave like a drunk walking in traffic. It’s a rudderless market right now and with the exception of a good Facebook report after the close, there really isn’t much to get excited about. Market leaders like AAPL, NFLX, AMZN and TSLA are rolling over, a sure sign of a risk off mentality. Of course, this can change on a dime, but the market is desperately looking for a positive catalyst.
I don’t think earnings will be the catalyst, because from what I’ve seen so far they are fairly lousy. INTC,GE, AAPL, and IBM have all been less than stellar.
Its good to change your mind when the market flips.
The best traders check their ego’s at the door. Its OK to be wrong and change your mind. Whats not good is stubbornness. If Einhorn didn’t have such a bombastic ego he wouldn’t still be long CNX in the high 20’s or PAH in the high teens. Ackman also wouldn’t be choking on VRX at 200. Don’t get me started on Icahn, he’s down 60-70% in some of his names. I’ve made the mistake in the past of being a true believer in my positions. I learned a valuable lesson from that. Never again. Sell when wrong.
What looked good last week (for about a minute), now looks horrible again. I don’t know if today was a one off because of fed day or not. Sometimes the market needs a day to process things.
Always fun at the casino. See you in the morning.
PS. I now have some full time support help. If you have any technical issues at all just email Dom, some of you guys remember Dom. His email is [email protected] Your issue will get fixed if you go straight to him.
Joe