It’s been a beautiful tape, the S&P ($SPX) is up almost a hundred handles since Tuesday morning, so why don’t I feel wicked rich and all powerful? Who is making all those bags of green and buying seventy inch DLP’s by the truckload for all their friends and neighbors from all these gains?
Day traders come into work in the morning and are met with a massive gap. They are relegated to scraps and scalps, the move and the easy money was already made. They are disgusted and wished they went long 20000 $TNA, 20000 $FAS and 20000 $TQQQ. But they didn’t. They didn’t want to hold risk overnight and rightfully so, because Europe could have fallen into the deep blue sea. Who wants to be long size overnight when you could be decapitated by a Merkozy headline? I know I didn’t want to hold risk overnight, so now I wait my turn at bat, either a pullback to get long or a further rally to get short the move.
Those that are making money had the stones to buy the dip at all costs and they should be congratulated. They had an opinion and backed it up with skin in the game. Others got bailed out by default, but still pound their chests for being all knowing. That’s OK too. Everyone should feel good about making money in this tape.
Here is a fascinating tweet from one of the traders on Stocktwits:
@ZorTrades just read that 90% of the move in the market since Friday has come in the pre market