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Panic Sets In! It’s Over 4/9/23

This is a syndicated repost courtesy of Stool Pigeons Wire at Capitalstool.com. To view original, click here. Reposted with permission.

When I first opened my intraday chart today I saw this and thought, “Oh mygawd. It’s over.”

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Knowing that I had left massive long positions in my trading account overnight, I immediately went into atrial fibrillation and started having chest pains. I chewed 6 aspirin, grabbed my English-Croatian reverse dictionary, and got ready to call 112, which is the European number to call in an emergency.

But I collected myself, saying, “Ok, Lee, Breathe. It’s 3 positions totaling less than $10,000.  We can handle a loss on 10% account exposure, on a 0.63% move. Let’s see, that’s .000063 of my account right?” I don’t know, I’m not good with decimals. When I started in the business they quoted prices in eighths.

Besides, this isn’t even the whole chart. So click the key to refresh the chart and relax. And in my usual calm, self contained, stoicism I said to myself, “See, asshole! You panicked for nothing! You managed your risk so that it doesn’t manage you. So calm down and take a nerve pill. Idiot. Jackass.”

And then, after all that, and bleeding from the rectum from eating so many aspirin,  it finally dawned in me that that was an old chart that was stuck in my browser cache.  

After my refresh, I saw this.
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I must admit that the current rally bears a remarkable similarity to the rally off the March 4 low. Does that mean a pullback is guaranteed at this point? No, but it doesn’t matter. I trade based on my extraordinarily low level of chickenshit risk tolerance. I’ll set my automatic sell orders based on trigger mechanisms that give me the best odds of getting a good price, whether it’s a small loss, small gain, or maybe keeps me in as long as these 3 plays trend higher, or at least one of them.

There have even been a few shorts come up in the screens to use as hedges. I’ll post today’s screen momentarily below.

Now, there is a moral to this story. You may be wondering, “What is that, Lee?” True, you probably aren’t wondering, but I will tell you anyway.

If you think you are having a heart attack, and you chew 6 aspirin, always make sure that they are low-dose aspirin, and not the full 325 mg. Unless that’s the only kind you have. Then take one or two. That’s the lesson.

Oh, and always carry them in your purse or wallet. The time may come when you need them to save your life. It happened to me 5 years ago (almost- April 29, 2016), and I would not be here today, if not for those little aspirin tablets I chewed that day. Do it for you. Do it for your kids. Do it for me, ok? I need your business.

This is a syndicated post, which originally appeared at Stool Pigeons Wire at Capitalstool.comView original post.

Wall Street Examiner Disclosure: Lee Adler, The Wall Street Examiner reposts third party content with the permission of the publisher. The opinions expressed in these reposts are not those of the Wall Street Examiner or Lee Adler, unless authored by me, under my byline. I curate posts here on the basis of whether they represent an interesting and logical point of view, that may or may not agree with my own views. Some of the content includes the original publisher's promotional messages. No endorsement of such content is either expressed or implied by posting the content. All items published here are matters of information and opinion, and are neither intended as, nor should you construe it as, individual investment advice. Do your own due diligence when considering the offerings of information providers, or considering any investment.

Lee Adler

I’ve been publishing The Wall Street Examiner and its predecessor since October 2000. I also publish LiquidityTrader.com, and was lead analyst for Sure Money Investor, of blessed memory. I developed David Stockman's Contra Corner for Mr. Stockman. I’ve had a wide variety of finance related jobs since 1972, including a stint on Wall Street in both sales, analytical, and trading capacities. Prior to starting the Wall Street Examiner I was a commercial real estate appraiser in Florida for 15 years. I was considered an expert in the analysis of failed properties that ended up in the hands of bank REO divisions, the FDIC, and the RTC. Remember those guys? I also worked in the residential mortgage and real estate businesses in parts of the 1970s and 80s. I have been charting stocks and markets and doing analytical work since I was a teenager. I'm not some Ivory Tower academic, Wall Street guy. My perspective comes from having my boots on the ground and in the trenches, as a real estate broker, mortgage broker, trader, account rep, and analyst. I've watched most of the games these Wall Street wiseguys play from right up close. I know the drill from my 55 years of paying attention. And I'm happy to share that experience with you, right here. 

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