That feeling of doom
I’m not going to bury the lead: I just looked over about 30 of my favorite stocks and I don’t see one right now I’d buy. Instead, if I owned any — and thankfully I’m only about 10% long — I’d just sell everything at the open.
In fact, in one of the few positions I am long, my limit order to sell was missed by a penny yesterday and I fear I’ll never see that @#%$%ing penny again.
Of course, all this falls into a level beyond chart reading. I mean, there’s been no dramatic breakdown and nothing to suggest the markets are ready to roll over and collapse. In fact, sentiment is largely bearish, suggesting I may be dead wrong.
So, I suppose all this is based on 20 years of looking not only at squiqqly lines, but slightly beyond squiqqly lines. The kind of feeling you get when you’re in traffic, and the pattern you see hints at, but doesn’t completely spell out, doom ahead.
Now, before you follow suit and go completely to cash, remember there’s no trader on the land who hasn’t been wrong. And been wrong BIG.
That weaselly caveat aside, I’d feel better totally in cash right now.