Dispiriting Adulation - Why I Covered
As the author of this blog, I have access to a kind of insider information that no one else does. Namely, however much people hate or love what I'm saying.
I'm not talking about Slopers. I mean the outside world. The infidels. The others.
Back on Sunday, May 9, I wrote a post strongly encouraging the bulls to buy like mad. I wrote this in a style that made it obvious I wanted them to bid stocks up merely so I could short them. A couple of folks -MiniFlowTrader and FuturesDude (who have twitter accounts with maybe 30 followers each) decided I would "regret" this as that indeed the market was a "helluva dip to buy." I've marked the date when they sent out these tweets to their handful of followers:
Well, I got my wish - - a bid-up market, and a fantastic shorting opportunity. So when I see snark like the above, I think it's a great sign. The same goes for hate mail like this:
I'm a contrarian, and when the unwashed masses think I'm an idiot, that's probably a good sign.
What's happened recently is quite the opposite. I've gotten deluged with thank-yous and love letters. Now, listen, it's appreciated - - don't get me wrong. I work really hard on Slope, and it's nice to get a pat on the back. But when the dam bursts and I'm flooded with love, to me, that's a bell ringing. And that was a pretty big factor in my decision to cover and, to a degree, go long.
I think we've got a rough, weird, gruesome climb up to as high as 1170 on the /ES. My trading is going to be very light until then. I'll probably focus on just day-trading some big ETFs. But once we're a lot higher, I'm going to get a lot more aggressive. And - with luck - there will be ample bulls out there to tell me what a fool I am. I sure hope so!
No comments:
Post a Comment