Good Thing We Did Not Listen To The Buy The Banks Crowd

June 20, 2008

Now, my port is not nearly down as much as the market is today but still a lot of my promising looking longs are now worthless. Great patterns that were lining up everywhere have now taken a major hit. But still most are holding above the ultimate support. So there are not a lot of full sells yet. Maybe by the EOD that will change but for now the damage is in the banks.

The same group where people were screaming at us for not buying the banks back in March. For all of those that tried to get me to buy banks stocks…..HA HA HA HA HA HA. You guys went after me so hard and now history is giving you a taste of your own medicine. Today’s swoon is what we need to build a real bottom. It will not be here Monday but we are working on the right steps. I am a bit more positive after today’s swoon simply due to the fact my longs are not suffering NEARLY as much as the banks and indexes are right now.

It pays to be in leading stocks and it pays to keep cash on the sidelines when the market is not roaring higher.

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