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'Round Midnight: That's Why The Edge Exists 9/16/2009 10:45 PM
Some technical or fundamental arguments against equities may make sense, but playing for a pullback has been a losing trade. Jesse Livermore talked about how traders delude themselves -- they know they are on the wrong side of the market but put the trade on anyway. This is why there are still edges in the markets.....a result of the fragile psychology of traders, the urge to pick bottoms and sell tops, the propensity to average losing trades. I know all about this stuff, and fight it all the time. One day, probably "soon" -- I'm talking days, possibly a few weeks --- we'll wonder how anyone with a brain could be long stocks. Then we'll wish we had downside protection, or lots of cash. It's inevitable, but I don't know when it will hit. Meanwhile, there are all of these breakouts on the charts, so much pessimism, so many faders, the public so disinterested and afraid of the equity market, you have to wonder if the uptrend will go on longer than anyone thinks. Tomorrow I'll have a full review of Charts Of Interest tomorrow, and I'll see you before Thursday's open. Stephen _______
