I woke up before the sun this morning thinking about 2 things. One was my new grandson Nicolas, who as I said on Mark to Market last night was absolutely calm under pressure, and will make a great short seller. The other was this market.
I held this cutest little thing on the planet for the first time and told him how fortunate I was not only to be be meeting him, our newest family member, but also to have let my QID position ride, and to have no longs and the most shorts ever in the Wall Street Examiner Professional Edition Chart Pick list!
He looked up at me and said, “Grandpa, short ’em to zero!”
Little Nic’s dad is a derivatives and hedge fund analyst in the fund of funds department in one of Canada’s largest financial institutions. I hope he learns from the newest little bear in the family. And I hope he still has a job in a few weeks. I asked him just a couple of weeks ago if he saw any problems in the hedge fund market and, much to my amazement, he said no. This was after a couple of well known funds had already gone belly up. He said he’d keep me posted.I warned him that things were about to get very ugly.
This morning it looks like ”Ugly” has arrived.
We’ll be at the hospital visiting little Nicolas and Mom again today, so I won’t be able to follow the tape, but I left a trailing stop in place on my QID. Professional Edition subscribers who are following the chart picks should consider the stops lowered roughly by the amount of yesterday’s moves, and I’d also honor their price targets and consider the selection closed if the target is hit. I doubt any of them will be, but if there’s a collapse today, no doubt some will.
I expect to resume posting to the Professional Edition either late tonight or tomorrow. Watch the front page here for an announcement. Meanwhile, not having my charts available, I have no clue at the moment just how far this market will take things before the first real reversal. I’m anxious to get back home to see what the indicators look like now, but in the meantime, I’m even more excited to get to spend some time today, and in the days and months and years ahead with our little grandson.
And in six weeks, our new granddaughter!
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