What's worse than waking up with one eye bigger than the other after falling and hurting your elbow then missing two trains in a row because someone dearly beloved called and held you back by a mere three minutes? These three minutes led to a total time impact of over 20 minutes for me today.
And although the market's unexpected bounce-back boosted my portfolio, in the greater scheme of things, it could have pushed back my profit potential significantly. We haven't seen such a drastic pullback in some time and whilst the bears certainly made money, this environment is perfect for acquiring great buys at subcrime prices for the true bulls out there. This has the potential of being another Lehman-style meltdown - if not worse.
If I learned anything from working with 9 Figure Man, it's that mentally unbuttoning other people's prices could be a lot of fun when you're the one doing it. And last night, I was thinking about it all night.
Now that Obama stepped up to the plate, is this a short-term market bottom signaling that the light is about to turn green? I'm not going to change my story every day and if anything, I need a little more conviction, which can only occur by looking at the entire market. I missed out on a critical signal by not turning to the smiling but beguiling forex market to gauge real market sentiment.
How funny is it that nothing drastic really occurred with the currency markets these past few days? USD/JPY didn't even plummet, right? Until and unless there's a jittery currency market, I'm not going to take further action, although it seems this 79 level on USD/JPY appears very significant indeed. USD/JPY touched this around the Japanese Earthquake.
+1.15% SBA
+0.41% Roth IRA
+1.63% DJIA
+2.22% Nasdaq
+1.63% S&P
My portfolio must change... I might just start a new portfolio to trade risk-off types of plays...
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