That is all I can say about this market in general. I have to hand it to the longs, I got my rear end handed to me today! Must be nice making those double digit returns on a daily basis.
It sure hurts to lose several percentage points in a day.
I may have to cry uncle if this bear market continues. Dang, cannot believe we gave up all of the gains for 2012, in one month!
You would think that the Fed would not be so foolish to wait for capitulation before stepping in. But, that is what they tend to do, wait for disaster before reacting.
I am glad that I pulled a significant amount of cash out of my account for real estate ventures. Thought that was foolish when I did it, but now, glad that I did not have all that loot invested in the market. At least I have something, other than a paper loss from trading stocks, to show for my hard earned dollars.
Still up for the year, but not nearly as much. Good thing I had protection, helping me well outperform the S&P 500.
Congrats to the longs. Someone has to win!
EXPECT the UNEXPECTED.
That is a sensible way of guarding against over confidence, over simplification, and other pitfalls.
For example: What seems most likely to me is that the original and ultimate goal of the banking elites (Rothschilds, Rockefellers, Warburgs, Schroders, etc.) continues to be a global banking hegemony. The current crisis, in my estimation, is simply part of the grand plan to eventually get much more stringent financial control over the entire EU. Soros (a higher level elite agent) continues to make it make it clear that the elites (behind the curtains) still cherish their one-world-government goal---and a tighter, more centrally controlled EU is the next logical step. But to force the people to go along they must first cause a huge crisis so that the solution will seem like a paliative elixir. The people (99.99%) will be made to feel that the solution (tighter financial noose) is absolutely essential to save the situation for them. Once in place, things will ease up, relief will be felt, and the world will have moved a step closer to the vision of a one-world-banker controlled totalitarian oligarchy. The crisis to me seems like a completely planned and controlled event. Everything is completely going perfectly for the elites.
But EXPECT THE UNEXPECTED.
The people (99.99%) could wake up!
like I was posting back in March $GASO was about to hit the $3.40 level which is the ceiling before people and the media start crying that gasoline prices are too high. Bearsnaky calls it "headline inflation". Obomba appeared in the rose garden to bash big oil and oil manipulators for high gasoline prices which was a big joke because QE is the main reason and high refiner crack spreads. Obomba cannot get elected with high gasoline prices so the markets needed to be corrected in a controlled manner in order to drop oil and gasoline prices. Gasoline has dropped 75 cents since the correction started. Many people ignore this important fact and that Obomba campaigned against high gasoline prices 5 years ago when $GASO climbed to $3.63
I suppose the great correction in oil/gas prices this month was the tell that a big market selloff was coming. True gage of global slowdown.
At the same time, since China has slowed, and Euro in recession, it is likely that oil prices will stay down even if Fed proproses more stimulus.
With more stimulus, and low oil/gas prices, at least our economy could get back on track with some reasonably paced growth.
I hope Bernanke is reading my messages!
We will find out this week!
I wouldn't short the VXX anytime soon. I agree that it is a TERRIBLE trading vehicle MOST of the time...but the US is reaching a day of reckoning that will take place in 2012 or 2013. The FED is just about powerless now...no matter what it does. The collapse of the petrodollar is coming...and life as we've known it in the US for the last 40 years will be changing drastically. Prepare accordingly.
As we are all aware, Bernanke is specialized in the great depression, as was the topic of his dissertation. He will not just sit while the world titters on a global depression.
Our bad jobs numbers this past Friday frees him up to take more action that he was likely biting at the bit to take anyway.
Next week will by fed induced broad bull market rally, and may last throughout the month of June! Because this is a global crisis, what the Fed does now has to be substantial!
Bro, just take the lost get out at this level. I am seeing the worse is not hitting yet. Much more will come in the next coming months.
As I warned you all because I am in business and I see things ahead clearly.
Forget the JOB market in US, the world is in deep trouble right now and so far Asia is lying much more then anyone else. IF we all see the true out of it, you will peepee in your diaper. Let wait until Oct. or so then SHORT VXX and all other. NOT RIGHT NOW.
You best be careful- this looks like the real deal. Could be an oversold bounce at some point, or could flatline for a bit, but make no mistake this market is headed lower and any Sunday night now you could see lock limit down and the market drop 10 or 20% in a single session. In that scenario the VIX would head to 80 or higher right off the bat.
Before you longs get too cocky, recall that every run up in the Vix has been fairly short lived. The run up last year took a while to fade away, but most run ups trend back down quickly.
May has been a wicked month, yet VXX only to 22.50. But, again, 20 to 25 is the new 50's for VXX.
The Eurozone problems are coming to a head, and anything definitive that happens, even if a breakup of the entire Eurozone, will likely shock the market, then end up being the start of a relentless bull run, that may define this decade! We got a sample of what that bull run will be like the 1st quarter.
No excuse for missing it this time!