Eventually, The Smoke Will Clear
First off, I
would like to offer my thoughts and prayers to all Americans as well
as all people around the world — but especially to those families who have been
directly impacted by the events of last Tuesday.
I have had so many thoughts over the past few days that I don’t know where to
start. Usually I wake up every day with a defined plan and a defined schedule of
things to do. Since last Wednesday, I haven’t done a thing. I have stayed
at my house watching the tube, mesmerized by everything that was going on.
I sat with my 10-year-old trying to explain the events, but I couldn’t even
explain them to myself. But I got to thinking: How can I
help? I couldn’t go to New York and volunteer
because I couldn’t even get into the area. But I could write how I feel and
maybe some of my writing could affect just one person. That would be enough for
me.
We have a decision to make right now. All of us have experienced a defining
moment in our lives — one that could change how we feel, act and think. We can
either take what happened lying down or get tough.
You see, Webster’s defines “terrorism” as the
unlawful use or threatened use of force with the intention of
intimidating or coercing societies or governments. In other
words, they want to alter our behavior. These morons forgot one thing…and that
is who we are. In one of the worst events — if not the worst event — in ages,
the amount of heroics already being displayed is immeasurable.
- Firefighters ran up stairs without
regard for their own well-being as everyone was passing them by going
downstairs. - Two men took a person in a
wheelchair down 80 floors. - More than likely, several people
stopped the fourth plane from landing in Washington.
The list goes on and on. But I was not
there and most likely, you were not either. But we can all show our own
heroics. I keep hearing about this country and how great it is. Well, the first
three words of our constitution are “WE, THE
PEOPLE.” If we, the people could all take a couple of steps back
and take a good hard look at ourselves during this time, we won’t have to worry
about faltering economies or dropping stock markets. Unfortunately, it takes
times like these to take these steps. I don’t know about you, but I am going to
work much harder, love more passionately and be more tolerant. We have all heard
of productivity gains because of the use of technology. How about productivity
gains by all of us? We should honor the fallen, not by sitting down, but
by standing up and doing better. Our government will do its job by finding the
guilty and doing whatever is necessary…our job is to always remember but to
always move forward…each and every one of us.
Oh yeah…the markets.
I have been hearing all kinds of comparisons to events of the past. I urge you
not to compare. This is something completely different from the Kennedy
assassination or the Cuban Missile Crisis. I don’t dare try to anticipate
anything. The only thing I do know is that the markets were in dire straits
before this event…and that is not changing any time soon. That’s what matters
to me most. How will I play this? I won’t. There is going to be a lot of
volatility, a lot of emotion and a lot of news. I expected the rate cut this
week…I expect bounces. I am just going to stick by my set of rules that have
worked for me in the past. The smoke will eventually clear. Just remember, let
the market be the final arbiter, not opinion.
Bless us all.
P.S. There are
only more three weeks until TradingMarkets2001. I
am looking forward to meeting you there and teaching you six of the most
important ingredients for monstrous breakouts, both to the long and short
side.