For those of you who may be reading this in the future, let me set this up for you. This is Feb. 17th, 2009....
- S&P 500 is sitting around the 800 level. A HUGE support area.
- Dow Jones Industrial Average is floating around 7600. Near lows, again.
- Euro is getting spanked.
- Our Orator-in-Chief has just signed a "stimulus" package. (It basically is 8 years of Democratic frustration in book form.)
- Timothy Geithner is going to talk about a bank bailout tomorrow. I think, I don't know...does he?
- GM is going to show "viability" to the Government today.
This is a perfect storm of uncertainty today. I know that there is a certain desire to short everything today. (Who could blame you?) But the problem is you never know how the rest of the world is going to react. There are times when the whole world is watching the same thing. These are the times when putting positions on is simply gambling.
Unless you can predict the future, there is no real point in doing this. I cannot tell you what the Euro will do, nor do I care. I know this is odd to see someone say this in this forum, but the truth is I don't move the market.
Too many think it's a dick-measuring contest. It's not. There is no glory for the "on the edge" trader. I know you are probably going to beat the odds by getting in "with the smart money." Here's the thing - the "smart" money can only be so if they KEEP money.
Gambling is a lot of fun, but it's not a trading style.
Some days are just made to be avoided, this was a good one. I know I could have made a ton shorting the EUR/USD today, if only I had a crystal ball?
I don't mind responses, but let's keep them intelligent please.
Clockwork
).
...Josh