You need to always have a plan. In a bad market, you really need a plan.
You cant scream at anyone but yourself. Cramer or Bernanke are not going to help you. Cramer is seen pleading insanely today on CNBC (hat tip FLY now you can watch it on YouTube in my previous post). I would ask, why should the thieves that built the credit bubble, be spared so easily. When do we take responsibility for our own stupidity and greed.
It’s a 900 point Fall in the Dow. Bunch of crybabies. The link above reminds me that CNBC sucks and you have to Download plugins to watch Cramer lose his mind. They are dying too slow a death.
I do less in bad markets.
Fly – has this:
Short answer: Only God and Cramer knows. Therefore, I’ve decided to forget about “calculator brains” and “time machines” and start taking losses, like a fucking man.
Trust me when I say: Mother market broke my jaw and sternum today.
As I said before, I’m in survival mode now. Funny how shit happens. Just two weeks ago, I was sitting back, printing money. Now, I am ducking grenades and getting into knife fights with these bears.
They’re everywhere. I’m surrounded.
My optimistic plans of “banking coin” or drinking “rich man’s whiskey” has been postponed. “The Fly’s” wings have been clipped.
Don’t let this downturn crush you. Understand the worst case scenario, which is the unraveling of the Yen carry trade, coupled with a major U.S. bank going insolvent. If the Fed doesn’t act quickly, all hell may break loose, effectively enabling a few thousand points to be “shaved” off the DOW.
The brokers are forced to sell paper, where there is no market. As a result, they are being raped.
The week ahead should be exciting. The market will expose your weaknesses now.