sometimes you just need to get out of the trap. As my friend Andrew May shared with me today, "In a matter of just three sessions, the Nasdaq has moved from two-week lows to six-month highs.
The S&P 500 has posted a similar move - a steep, sustained rally - without yet notching that decisive breakout. At Monday's close, it held just 10 points shy of four-year highs.
And ironically, these recent stirrings have occurred exactly when you wouldn't expect them: immediately after the most significant adverse catalyst this year, the London subway explosion." I arrived back in Atlanta last night after a day of flight delays in trying to get out of Sioux Falls, SD back to Atlanta via Minneapolis. The "Dennis the Menace" hurricane stub had upset flight operations and Monday flying the worst so I was behind the curve when I got on the desk early this morning and tried to get a handle on the big up-move in the market the past few sessions.
In review of current positions I saw news that would move a couple of names and yes, low and behold, today was the day. A day when stop-loss limits were as useless as a book of morals to Bill Clinton. In looking at why i owned them, and why i would not have sold them even yesterday, everything was in place. The general market, the technicals, the fundamentals, the whole nine-yards looked right. Welcome back Deano.
Today they took a hit. Nothing earth shattering. Nothing to lose any sleep over. Just a hit. When smaller stocks are owned, things like this are going to happen. It comes with the territory. Hits happen.
My meeting in South Dakota last week I am afraid was not about Native American investment management and what Chippewa Partners can do for the tribe. They were about staying in power and winning the tribal elections. It is a story that goes on and on and on. Nothing changes. Long term change and long term constructive financial policy is still a dream. And hits happen. On all fronts.
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