Note - from June 24th 2009, this blog has migrated from Blogger to a self-hosted version. Click here to go straight there.
Well, having taken the money and run (per the posts below... I can't think of any way to reverse the order of intraday posts), I'm reasonably glad I did.
After all, if your whole trading life was spent doing nothing except improving the entry point for a "core" position, and you did it consistently, you could actually get the market direction consistently wrong and still make money.
As for me, I prefer to get the direction right as often as possible, too.
The morning bounce ran counter to form. Sure, it was obvious in its setup (particularly the timing), and the fact that it was completely insipid in its behaviour enabled us to get out of the road before any damage had been done to the position.
Although I was a little bit supercilious about the Crash Davis "I believe" speech the other day, there is one Crash quote that resonates with me every time I look at an oversold chart...
"C'mon Meat. You just try an' bring that weak-assed shit. You ain't gettin' that cheese by me, Meat. Bring it..."
Soon - oh God let it be soon - I'll be finished my big effort, and you'll be able to click on a link that should change your investing life. It will say "Welcome to the show"...
