I cant seem to face up to the facts
I'm tense and nervous and I can't relax
I cant sleep cause my beds on fire
Don't touch me I'm a real live wire
- Talking Heads
These words meant little to me when the song first came out in 1977. The only time I could not sleep was when the room was spinning after a tad too much partying. But today, these words applied to the retail stock market investor about two weeks ago.
But the news, the water cooler chatter and the happy hour talk does not dwell on stocks anymore. We are numb to 230 point losses on the Dow. Why? Because they follow 413 point gains! 50% retracements are normal, right?
Here are some more lyrics from the song:
You start a conversation you cant even finish.
You're talking a lot, but you're not saying anything.
When I have nothing to say, my lips are sealed.
Say something once, why say it again?
Yep. I am not referring to The Talking Heads from vinyl but rather the talking heads on financial TV. Personally, I have nothing new to say about the market. I've made my points in my column and I've offered new trades in the newsletter. Nothing is new as we wait for the market to calm itself down and resume more normal ups and downs.
Is the bear gone? I think so but I am not going to be bold enough to say the bull is back. It is not.
But I've said something once (actually several times over the past two weeks) so it is time to honor the song and stop making the same case.
By the way, I have taken tiny bites in select areas this week. There, that is something new for ya (wink).
Quest que cest?
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