Even a die-hard bear like me is stunned. Wow.
On the S&P500 from 1565 down to 1278,-18%, in about three months, and the markets seem to want more blood !
Unreal.
This opinion is pure speculation, but here goes….
I think we’re going below 1100 on the S&P500, possibly to 1000. Then start buying. When oil hits $60/bbl, start buying it like its liquid gold. I think it might take 12 to 24 months for oil to fall below $60/bbl. I’m sticking with my shorts to ride oil down like a hell hound.
The only stock I like today is Nokia. I might buy a few shares, looking for a bump tomorrow. Then I’ll dump it.
I’m getting my ass kicked on the gold I bought yesterday. Yes, you can say “I told you so”
Naturally, I’m asking myself WHY on Jan 15th did I dump the 80% of my portfolio that was SHORT this market. Pure stupidity. Oh well. Better not to be greedy when so many are in a world of hurt from these markets.
Oh, one more thing. Someone asked about SSO. Let me share my pain. I went long, buying a little bit of SSO, when S&P500 had fallen to about 1310. I’m now losing so damn much money on that SSO that it is wiping out half my profits on my short oil sector positions. It seems this market grinds bulls into the ground. I should have stuck with being a Bear.
