Hello, my name is Gary. I am a Keystone Kop, making more goofy moves than sensible ones* during a week where I really should be just putting down the crack pipe and staying away. My life is semi upside down now with painters crawling all over the house only being a small part of it.
I think capitulation volume is building but maybe not yet fully expressed. So another swoosh down in major indexes would not surprise me. But I am longer than I am short for better or worse.
In fact, I bought this thing today. It seems to have gotten capitulation volume of its own. I don’t love the company, but those who do must like it better at 150 than 190. With the typical FB user’s attention span the data breech will in my opinion blow over before long and I don’t think widespread regulations are going to overtake the tech industry as some seem to think.
I know the world is ending and all, and FB and a position in its FANG bro GOOGL may end up regrettable. But I am taking a shot, anyway. GOOGL, a company I actually do like, got hammered to support.
I think the bull market should end and even have some indicators hinting that way. But more of them are not showing danger signals, yet anyway. With the QQQ at its higher low and FB fully in the market now, I am just not so sure right now is the moment that big tech goes for the big nap.
I have some shorts on sectors that may be starting to establish downtrends. I am not a very good short seller; that much I think we’ve established. But I’ll be a better one if and when the market goes into breakdown mode. It’s not there yet.
* The most sensible being a very heavy, income-paying cash position, which is why I can afford to screw around until the market either stabilizes or breaks down.
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