I have been lucky a few times with SPY. I did not buy a share of anything today. Too many of my good stocks are trading down levels.
The bounces have been sold off way too fast.
As FLY so eloquently states today about bounces :
It’s sort of like waiting for a bus, in a really bad ghetto—always a bad idea.
As I wrote this weekend. The great growth stocks are just up too much for how the general market behaves. Since I don’t dip my toes in crap (just Starbucks), I don’t have much too choose from, so I do less. I advise the same for you.
Tough game indeed.
In fact I’ve been on that bus today, after it ran me over a few times in the last week.
H,
I’m still trying to understand your momentum game. Is there are time when you cash out? Or simply reduce exposure by not adding positions on pullbacks in a market like we have now?
C
It’s trend folowing in my mind. i don’ buy bottoms and I don’t try and sell tops. The markets and stock prices take me out. I have opinions on the blog, but that doesn’t cloud my buy and sell decisions, I form them based on price action.
If the market keeps going down, I imagine all my stocks will get stopped out.
Isee no reason to add stocks on major weakness because there are few stocks to choose from. not really that hard. watch the all-time high list
Another fav of mine from the Fly….
“In short, I’d rather play with fine silverware, in a random NYC subway track, than watch my screen.”