In some way, deep down, I wanted them to kill it today. I wanted the bears to press it down so that when we went into Jackson Hole on Friday, Ben Bernanke's speech would actually mark an unwarranted new low in sentiment and price. I wanted to test that bottom and blow out the real weak hands, not the ones who bought the opening but the ones who stay in this market and don't show any sign of giving up -- yet.
Let's face it. This market has left many people extremely depressed. It is the quintessential "lose three, gain one and a half" market and it always leaves you thinking that you are a sucker for staying long overnight.
It doesn't start with the stocks. It starts with the futures. They opened flat last night then plummeted quickly and then rallied on Libya. They then gained strength all night and the market opened, alas, at the highs. AGAIN! At the highs! Like we have learned NOTHING. Like we are all collectively idiots.
I go out on TV and just blast the opening as a travesty and sure enough, on Twitter I am blasted as a travesty, a one-note dope who wants people out of banks and tech.
For heaven's sake, I am just trying to get people to stop trying to call bottoms over and over again. Then I take heat for actually recommending stocks when I have been consistent in trying to get people to trade out of stocks with little or no yield into ones that have some dividend protection.
Then I am pilloried for being a Pollyanna for even recommending stocks when my biggest recommendation has been gold. It doesn't matter. I step back at moments like this and, away from the heat of the new site and the disgruntled people who are bombarding me, and I say, "I get it, it's horrible market, take it out on me." Why not? I don't even mind.
But it does remind me that people are very angry and upset and that when you see that, the market is typically closer to a lower level than a high. Not a bottom. Not going there at all.
But to think that some stocks, notably the higher dividend non-discretionary names have bottomed, seems reasonable.
Bottom line: Me? Not worth being angry at. The market? It warrants your disgust. Big time.
