Confused, But Preparing for Gains
July 3, 2008
I am not sure how anyone can stay active in this market. What drives people on CNBC to talk about this market like it is the most exciting thing since the roller coaster. This market is extremely depressing and I have to tell the God’s honest truth about this market: There has NEVER been a harder market for me to trade in my life. I am selling a ton of positions today and I just basically want everyone to know that I am extremely disturbed, as for the rest of my 12 years of my investing life I have KILLED the market. THIS IS THE HARDEST MARKET I HAVE BEEN IN except….the market right before 9/11 which is exactly how this one is acting (but more stocks were trending lower and not setting up in false breakouts like now) and the early 2002 market which STILL HAD PLENTY OF SHORTS TO MAKE a good amount of money on. Here is a recent discussion I just had and I think it sums it all up:
[2008.07.02 23:04:38] JoshuaHayes: for two weeks or so
[2008.07.02 23:04:38] JoshuaHayes: this is really amazing stuff
[2008.07.02 23:04:38] JoshuaHayes: USA best days are behind us if we are goin the obama route
[2008.07.02 23:04:38] JoshuaHayes: and it you vote for obama
[2008.07.02 23:04:38] JoshuaHayes: F YOU!!!!
[2008.07.02 23:04:38] JoshuaHayes: from the bottom of my heart
[2008.07.02 23:04:38] JoshuaHayes: you are an ahole
[2008.07.02 23:04:38] JoshuaHayes: (rhetorical but true)
[2008.07.02 23:04:38] JoshuaHayes: wow
[2008.07.02 23:04:38] JoshuaHayes: gf account down 2% since Dec. 1
[2008.07.02 23:04:38] JoshuaHayes: I am up 10% YTD
[2008.07.02 23:04:38] JoshuaHayes: IRA down 13% YTD
[2008.07.02 23:04:38] JoshuaHayes: 
[2008.07.02 23:04:38] JoshuaHayes: disgusting
[2008.07.02 23:04:38] JoshuaHayes: sp600 -10%
[2008.07.02 23:04:38] JoshuaHayes: NYSE down 13%
[2008.07.02 23:04:38] JoshuaHayes: Nassy down 15%
[2008.07.02 23:04:38] randyy: tough days, I don’t vote for anyone, i’m cross-bencher
[2008.07.02 23:04:38] randyy: IoI
[2008.07.02 23:04:38] JoshuaHayes: SOX -12%
[2008.07.02 23:04:38] JoshuaHayes: DJIA down 15%
[2008.07.02 23:04:38] JoshuaHayes: my IRA is matching the market
[2008.07.02 23:04:38] JoshuaHayes: how pathetic
[2008.07.02 23:04:38] JoshuaHayes: my personal problems (MS disease)
[2008.07.02 23:04:38] JoshuaHayes: must be effecting my trading
[2008.07.02 23:04:38] JoshuaHayes: i must be forcing trades i normally would not
[2008.07.02 23:04:38] JoshuaHayes: sad
[2008.07.02 23:04:38] JoshuaHayes: nassy 100 -13%
[2008.07.02 23:04:38] JoshuaHayes: i have been doing this 13 yrs and this is the hardest market
[2008.07.02 23:04:38] JoshuaHayes: The bottom line is that this is how I make my living. There is no other way for me to make a living. And I tell you what folks, I feel like I will kill the market this year. IN 1999 and 2003 I returned over 300%. Do you think that I ever would have thought I would be waiting this long for another 1999 or 2003 year????? Do you think I would have actually have thought that we would not have drilled the OCS and ANWAR by now????? What country do I live in? Is this the same county I fell in love with? Something tells me it isn’t. How sad and how hurtful. This market sucks. If I were you, I would raise cash and wait for more charts to setup like my PAST PERFECT BIG WINNERS. I have a sinking feeling we are a long way aways from seeing them again, However, I still want to be ready. Aloha and I hope your having a better life than me right now. “The dog days of summer”…..are so TRUE!!!
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Comments
2 Comments »
Hi Joshua,
Have enjoyed your insights here and also on realmoney - I can’t believe they discontinued your comments are they were very valuable!
Regardless,
you are not alone in your feelings on the markets, I have been involved since 1993 at the young age of 18 and this is by far the worst year including 1994, 1998, 2001, and 2002 - have bought many CANSLIM stocks with PERFECT breakouts only to suffer a 10% loss and liquadate - very disturbing and I am thinking of switching to cash until the trend changes - markets are trading as if a 9/11 type of event is going to happen (god forbid)
What do you think?
Armen Kassabian
This market isn’t for breakouts…everything is just getting sold the minute it moves higher. Bears are winning, shorts are winning…better to sit this one out.