I doubt today was a long-term stock market bottom. I hope it is. I don’t have any money pinned on hope though.
Here is how I called it on the Stocktwits stream today. We are working to make it easier to ‘rewind’ back to moments in time. Trust me it’s wicked cool but our team can’t grow fast enough for all the stuff we need to do. There are so many smart people now sharing in real time on our platform. Days like today remind me that we have all really built a platform together for sharing ideas. It’s thrilling.
I share (often overshare) because it makes me a better investor. Period. It is fun to get followed, liked and even to pound your chest when you are right. It does not make you a bad person.
There is no RIGHT way to use Social Media, there are better ways and wrong ways. In 5 years we will have way more proof on the best practices and right ways to use the media.
In the meantime, I am so happy that we are using Stocktwits as an extension of my personal case study of a journey I started with my first blog post on Google Blogger, now WordPress and Twitter and Stocktwits. I am just a way better investor and trader.
The last two months have been super brutal for ivestors and I have been very cautious. Today we had many more ingredients of a bottom.
There is really big fear.
Apple was selling off super hard as was Amazon.
Goldman Sachs was in the low 80′s…it was just $108.
The sentiment to the short side, even on Stocktwits… was giddy.
The Goldman Sachs late night downgrade of the US GDP….and rushed to Bloomberg.com was my icing on the cake. Those asshat thieves were up to something in the futures market. It’s tea leaves stuff you just start getting used to seeing.
All day today they chopped the market around, but the close was significant.
The ultimate and exact bottom is not important. You did not need to buy March 9th of 2009 to make all the money.
We need to stop going down first. Today was the first day it felt like people were tired of selling.
Prices got a little interesting. There is oooooooooodles of cash out there hiding in zero percent long-term interest. I am not bullish and I was taking trade profits in Apple and Amazon at the ned of the day but am holding my Premium and added soome $RNOW as well.
We need leadership though and we are a LONG way from that.