The market is giving me strange vibes today. After hitting fresh all time highs at DOW 16000 it slogged around until sir Carl Icahn the cocksucker came out with a tweet saying that he expects a large selloff in equities and that many earnings are a ‘mirage.’ The market responded by dumping. Now keep in mind that sir Icahn has over $1B in cash right now from his NFLX profits and is looking to buy companies as cheaply as possible. Therefore it is in his best interests to try to manipulate stocks down. The bears have been on the sidelines drooling for so long that at any opportunity to short sell that they get they jump on it. An important lesson in the market is to not get too optimistic. There was some significant reversal action in a few of my stocks namely DDD and ONVO. These stocks have been on absolute monster runs for me. I truly believe in the long term prospects of both of these names. Unfortunately the stocks have recently gone parabolic as their meteoric rises attracted all of the momentum traders and latecomers at once. It is incredibly tough to call a top in a market that continues to plow to all time highs daily however people are on edge as nobody wants to watch their profits evaporate. I am going to be watching closely and am contemplating selling half of my positions in both to protect profits. I will absolutely not be selling my entire position however because that’s when you miss the next leg up.
Fascinated by markets, economics, & herd psychology.