Anxiety is Palpable #SassyMusings 6/9/14

  • By no means is it easy for me to stay long. I can feel the anxiety everywhere and I can’t pretend it doesn’t affect me. Having said that it is also what helps me stay long.
  • I sense most people are either 1) short 2) on the sidelines waiting for a pullback 3) very very cautionary long. This is most likely why we keep grinding higher.
  • I also saw the CNN Fear and Greed chart making the rounds, but once again if everyone knows and is watching then will it work? I know I keep referring to it, but if you haven’t read my piece, This Time Is Different it keeps coming to mind with all these references that make the twitter rounds. If you haven’t seen it, here it is

Screen Shot 2014-06-09 at 3.37.07 PM

  • I also noticed VIX creeping up all day getting bears excited, but then dropped to the lows at the very end of the day. Ouch.
  • Eventually it won’t work to be contrarian and we will pullback when people expect it. Maybe that will be tomorrow. I honestly don’t know, so for now I’m staying cautiously long fitting nicely into the same category as #3 above. Being cautiously long though doesn’t mean prematurely shorting.
  • I sold out of more longs today. Want to keep profits. I’m holding some GOOGL calls, some AAPL (although already sold half) and bottom picked some PFE for a swing today. I have some other stuff, but for some reason those just came into my head.
  • TWTR looking nice, even though I have no position now.
  • Financials held in there all day, which is a good sign for bulls right now.
  • There are also still tons of good set-ups. I listed some in my 2013 Deja Vu post over the weekend. The question is do you wait for a pull-back and then get into them or just buy them when they breakout/trigger? Tough question eh?
  • Chart of the day: Nice to see more stocks participating by making 20-day highs. This is as of Friday. I will update it on my TWTR feed tomorrow morning. Screen Shot 2014-06-09 at 4.08.24 PM
  • Tweet of the day: Meh, didn’t really laugh from any tweet. Also a sign giddiness hasn’t kicked in and could grind higher. Odd indicator, but often works so…
  • Regret of the day: No regrets

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Have a good evening. Kings are 2 for 2 :-). Can we do 3 for 3…..

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