Where are we? Is the elevator going down again?
In my view, today was a pivotal day, and my heart rate felt 20 beats faster all morning long because of it. Equities opened higher than a resistance level set March 26 and 30th (S&P 2625) only to fall at the close. Does this start the formation of a mini double top? Gold touched a previous resistance level that it fell off a cliff from last month. The state of the world feels like it's deteriorating with some places still making stupid, stupid mistakes like holding in-person elections or still with no stay at home orders. This week's Covid19 death counts are going to seem extremely bad in the US, and while not directly related to equities, will it send some shock waves and possibly some action by the White House to lock down even more? Can the market say positive or flat through this week or next? Should it go higher on far in the future outlook? It feels impossible to remove all emotions in times like these. I don't see the outlook good for the next few weeks for equities or the world, which has me worried about the downside given the nice rally recently. Is it all traders covering shorts or making short term gains as I have with their finger on the sell button?
I've learned through this that selling is way easier than usual. Take the profit; take it now. Buying is much harder, even with low prices relatively, the downside risk in the short term feels like an enormous void.
I would love to hear some constructive opinions and thoughts, just trying to make sense of all of this is mentally taxing. I'm currently all out (except MSFT) as of this morning after buying on the 23,24,25th and am 100% fine with it regardless of Wednesday's opening.
I've learned through this that selling is way easier than usual. Take the profit; take it now. Buying is much harder, even with low prices relatively, the downside risk in the short term feels like an enormous void.
I would love to hear some constructive opinions and thoughts, just trying to make sense of all of this is mentally taxing. I'm currently all out (except MSFT) as of this morning after buying on the 23,24,25th and am 100% fine with it regardless of Wednesday's opening.
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