Freaky Friday Potpourri: Nucking Futz!
Sometimes you're the windshield, sometimes you're the bug.
Someone told me when I started trading that sometimes you're gonna be the windshield and other times you'll be the bug. As I watched my hind legs fly by my ears late yesterday afternoon, I was reminded of that adage.
Nobody-and I mean nobody-is smarter than the market.
The time stamp on my bull costume was in and around S&P 785, NDX 1065 and DJIA 7820. That, coupled with some small nibbles on Wednesday, made for a rather unpleasant 24-hour P&L.
I share this in the interest of forthright communication and to remind Minyans that it's that hard out there. In the immortal words of Sean Maguire, "It's not your fault. It's not your fault. It's not your fault."
Into yesterday's close, as the skies opened and capitalism cried, I slowly shook my head in amazement. Schlumberger (SLB) in the thirties. Citigroup (C) at four. General Electric (GE) and Intel (INTC) pre-teen. General Motors (GM) and Ford (F) a few days from decimals.
While the Dow Jones Industrial Average organically split in the last thirteen months and $8.3 trillion in stock market wealth evaporated, many once impenetrable corporations have virtually vanished altogether. We're not talking about Mom & Pop shops, we're talking about cornerstone corporations that defined American business machismo.
I couldn't help wonder to myself that if someone who "saw" this coming was having sticker shock, what must the school teacher in Des Moines be thinking? This savage once-in-a-lifetime stuff and the societal reverberations will be pervasive and profound.
The potential for social unrest is perhaps my greatest fear but I suppose that's a discussion for another time. In order for us to navigate this journey, we have to take it one step at a time. That step, right here and right now, is to chew our way through the dew and arrive safely into the weekend.
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