7:00 PM EASTERN TIME
7:00 AM ET.
What about the second vote?
I guess we are in the "government debt bubble" phase of our economy, where each new truckload of government debt causes a huge spike in the stock market (and the PMs). I can't even imagine how to invest in a market like this.... buy stock at each crisis, knowing that some govt. or extra-govt. body will step in and bail out the company/industry/state/country?
Total freekin madness, and a total inversion of DYODD.... basically the road to riches will now be looking for too big to fail companies/countries that are about to fail and buy into the runup before the bailout. I guess I'll have to see tomorrow if the market is "sold on the news" or continues to float up on unicorn gas, buoyed by an endless stream of printed money flowing into bankrupt organizations.
Cripes, I'm tired of this.
Hat tip to Kiwi for voicing sentiment many others here I think are feeling including me. Its almost as if the only successful strategy is to DYODD, decide what the best course of action is and then do the opposite. I know if I could go back in time and rewire my buy/sell buttons to do the opposite I would probably have made alot more money.
I would have shorted silver at 48.50 for one, instead of buying and riding it down to my stops.
Watching the greece story is a good example. Atlee has a good handle on it I think from his postings in Palins corner. Looking forward to see what happens. Either way we will have a good show right?
I agree Kiwi it is wiping the floor with me. I have to hold some more and hope sanity prevails and I can exit with some dignity left.
Thanks for the moral support, guys (and/or gals)... I really do think I'll start doing some virtual trades to see if the "buy the bailout" strategy would be useful... short the market until the next crisis, then go long SPY until the bailout happens... I'll just have to suppress any shred of common sense and trading savvy that I might have.
The image that comes to mind is a group of college kids sitting in a bar ordering rounds of drinks, each one orders rounds for the others, while none of them actually has any money in their pocket to pay for it. Each time they finish their latest drink, there's a little hesitation and fear, because if the drinking stops then the bartender might present the bill. But someone always orders another round, the fun times start again, and everyone forgets that the bar tab is sitting under the bar, getting bigger and bigger. And the more drunk they get, the less inhibited they are about ordering more rounds, and the easier it is to forget about the final reckoning.