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Afternoon Snack


I don't know if you can smell it but that's the smell of fear. In my opinion, using my own feelings and those of whom I speak to one thing is for certain; there sure is a lot of fear out there. I am not sure if it is fear of missing a buying opportunity, if that's what this pullback is, or not being short enough. Maybe it is fear of funds giving back a fair amount of gains in the closing month of the year. Bottom line: fear has a tight grip on this market right now.

Personally, I don't have much conviction either way. I certainly have an opinion on where we are going over the next three months. I can make a good case on both sides on why to buy and why to sell this level and I am trying my best to stay light, nimble, and on the sidelines until a more of a trend develops. I have a pit in my stomach and am getting angrier by the minute by trying to trade this market. I don't trade well when I am overly angry or happy so I am trying to look at the market objectively and it is not working well.

If I am feeling this way I can only imagine how many fund managers feel the same. Why not just throw in the towel and call it a year? Why keep trading away the year's profits? This month has been a non-event for me and I cannot claim too many victories. The more and more frustrated I get, the better Florida looks. Its hard to win in a choppy light environment and that's what we are trading in now.
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