BaylorSpineGuy said:
I find I'm not a good countertrend trader. Need to work on this aspect of my trading. Bear setups are fairly obvious and I've done decently well trading the downside.
I find myself distrustful of these rallies because I believe company multiples are severely elevated - that's another debate - and a large correction is needed to restore normalcy. There's no planet where monthly rent is $5000 for an apartment (June '22 in NYC) where a correction in asset prices isn't warranted. Don't know if that will come.
Anyway, I didn't trend the upward direction today even though the gains would've been very nice. Need to learn to trade the bull side and bull set ups.
Anyway, just rambling. Hope everyone made dinner money tonight. I made my $1000 this morning and have enjoyed from the sidelines.
anyone have some good websites/message boards where they discuss WHY events are happening on Wall Street?
because when the market opens with Dow down 600 - with relentless bad news throughout the day
then leads to a positive close on the NASDAQ and a gain of 500 points on the Dow
it just does not make sense.