Its not the end of the financial world as we know, but it sure seems like it. I know that the image is a little dire, but you would think that the mental health community are currently making a killing (pardon the pun).I took a long weekend away from the chaos and spent time with the family. There was not a huge reason to do basic research when 70% of the portfolio is in cash and the market is going through a multiple contraction and repricing the future based on a US recession.
The first that I heard about the Monday meltdown globally was last night on a Fox News update. Oh well, this morning I heard a CNBC talking head describing the market as having a fever. This fever has to break and the Fed can only put a cold compress on the market's forehead until it passes.
For anyone with a long position, selling in panic at this exact moment is crazy. Take the hit because we are near the bottom (I just stopped writing this post, to actually buy AAPL Feb155 calls at open). The selling panic is here. Finally.
I will post more today. Days like this is why I write this blog. I participated in the 2001 bear market, but can't remember the day to day (I am getting old and losing memory cells). History repeats itself when it comes to human nature.
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