Today’s post will be ultra-short as I am going out for a late evening meeting and will not be able to do much later.
In the morning I sent out four tweets. You can see them next to the blog. Around 11.45 AM Eastern, I closed the long positions initiated yesterday and a minute later informed everyone that I am getting out. I am clueless in this market and I do not want to be cute or smart. Just take a look at the price action for the last four days.
I still think we will get the “memorial day bounce” but we might not go very far and may even get a better entry point as well if at all we decide to play the bounce. It’s a meat grinder of a market and if we are not careful, our hands and fingers will get smashed. The primary objective in this type of market is to preserve capital. You can smell the stinking rat here.
So let us see what happens tomorrow. Friday before Memorial Day tends to be light and lackluster. If the level holds tomorrow before close, then I might take another stab at it. But this is not investing. This is playing Russian roulette. Do we really want to play this game with a loaded gun? Let me repeat what I wrote yesterday : “ If you are an Investor, it is better to avoid the market now. A better opportunity will come by 3rd week of June. “
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