What Today Meant...

More than yesterday .

Also, a possibility of what I thought might happen this weekend .

You may not believe me but Twitter must have been down and I was twittering short sale SPY and IWM today. I am seeing now that my Twitters did not get through. Andy Swan knows it’s true though because we were texting whether to get long and I was telling him about crash puts. I have to say that Twitter ain’t worth squat to me and you if it does not work when you need it. Very disappointed.

Hoping you all did not get too crushed. We are in for more pain.

I have been stopped out of half my longs now, many which were on the books for over a year. Honor your stops to protect disasters and wait out real strength.

There has been no place to hide and I am only glad thAt I have been preaching financial stock exposure for a year. I own American Express and it has been shellacked. I have been lazy about it being a long-term position, but I care about losses.

Do less, read less, wait. Period.

It was a good day to be away from TV and the screens because I might have been tempted to dabble instead of short the SPY and IWM.

Grabbing some dinner with Dr. Phil tonight who mentioned that although the indexes are almost down double digits on the year, the VIX is up 3 percent. I don’t really trust the VIX until I feel real pain or real euphoria. It is obvious that the fear is not commensurate with the pain.

Complacency rules these days and financial dip buyers are going to be hammered much more. The leaders have been catching up to the downside but have more to go before I would be tempted to play another bounce. That could be tomorrow, but I think the Dow could trade in the 11,000’s.

I was 30 percent long at the beginning of the year and even with the selling, that part of my portfolio is down about 10 percent. Momentum unwinds fast. I have traded well to recoup about half, but am not counting on that going forward. Happy that I am easing slowly into cash and not doing the buy weakness thing. The one time that fails you, you are out of the game.

Kudos to FLY for flipping to the short side after being very long and bullish. Too hard for me, but he took his lumps like a man and is banking coin.