What Counts
No change in my thoughts right
now except to say maybe we get a little upside near-term.
But near-term could be one hour in this market, so I give it no weight.
Even if we get some upside here, I don’t believe it lasts long…and
subsequently, the retest toward July’s lows
should continue.
It all comes down to the technical condition.
- There are just simply a lot more stocks in poor
technical shape than stocks
with good technicals. - Ditto for groups. In fact, there still remain only a
handful of groups that I
could consider leadership. - Too much bullishness…measured by Investors’
Intelligence. - Breakouts are few and far between…and the ones that
are working are going up by
a measly few percent. - Major averages remain below their longer-term moving
averages. - World markets are following suit.
More importantly, Wednesday is Sept. 11. I am amazed at
how quickly the year has gone by
since the attack. I don’t know about you, but I am one of those
people who has read every article about it. I am not talking articles
about the creeps that perpetrated this act. I
am talking about the articles about
the families with losses. In fact, I have read every one of the New
York Times‘ stories of those who passed
and the families they left behind. I have
watched every special and every guest on Fox News Channel.
There is one important message I have learned from all
this…and that is about what
counts.
Making money is great. Calling the market right is
terrific. Shorting a stock that
goes down is fabulous. Means nothing. After watching the buildings
hit…after learning of all the children who
lost parents, great is looking at
my kid’s face when they bring home an A on a test…terrific is throwing
the football around with them…fabulous is
just sitting around watching SpongeBob Squarepants.
I urge each and every one of you to take some time this
Wednesday to think about what
really counts…what really matters. I have become a better father and a better
husband because of this tragedy. I realize how lucky I am to
have what I have…not unlucky for what I don’t have.
My thoughts and prayers go out to all family and friends
of the victims who lost their
lives.