Global Market Comments
December 14, 2018
Fiat Lux
Featured Trade:
(DECEMBER 12 BIWEEKLY STRATEGY WEBINAR Q&A),
(SPX), (MU), (PYPL), (SPOT), (FXE), (FXY), (XLF), (MSFT), (AMZN), (TSLA), (XOM),
(SIGN UP NOW FOR TEXT MESSAGING OF TRADE ALERTS)
Tag Archive for: ($SPX)
Below please find subscribers’ Q&A for the Mad Hedge Fund Trader December 12 Global Strategy Webinar with my guest and co-host Bill Davis of the Mad Day Trader
Q: Is the bottom in on the S&P 500 (SPX) or are we going to go on another retest?
A: It’s stuck right in the 2600-2800 range, and I think that’s probably where we bounce off of 2600 again. The question is whether or not we can clear the top of the range at 2800. If we can’t, I would fully expect a retest of this bottom in which case I could see it going down to 2500.
Q: You say you’ll go 100% cash by Dec 21st but also stated that the S&P 500 will go up 5% by the year's end. Should we stay in until we get the up 5% move?
A: Yes, all of our options positions expire by the 21st but if you’re just long in stocks, I would stay long, probably through the end of the year.
Q: Will the Chinese-U.S. dispute ruin the Tech industry?
A: No, I think the Trump Administration will have to do some kind of deal and call it a victory, otherwise the trade war will pull the U.S. into recession. If we go into the next presidential election with another recession—well, no one has ever survived that. Even with the China-U.S. dispute, the U.S. is still dominant in the Tech industry and will continue to do so for decades to come.
Q: China has managed to duplicate Micron Technology’s (MU) biggest selling chip, undercutting prices—thoughts?
A: True, Micron is the lowest value added of the major chip producers, therefore their stock has gotten hit the worst of any of the chip stocks down by about 46%, but I know Micron very well and they have a whole range of chips they’re currently upgrading, moving themselves up the value change to compete with this. So, that makes it a great company to own for the long term.
Q: I’m up 90% on my PayPal (PYPL) position—should I take a profit?
A: Yes! Absolutely! How many 90% profits have you had lately? You are hereby excused from this webinar to go execute this trade. And well-done Dr. Denis! And thank you for the offer of a free colonoscopy.
Q: What can you say about Spotify (SPOT)?
A: No, thank you—there’s lots of competition in the music streaming business. We are avoiding the entire space. The added value is not great, and many of these companies will have a short life. And with China’s Tencent growing like crazy, life for Spotify is about to become dull, mean, and brutish.
Q: What’s your view on currencies?
A: So you’re looking to make another fortune? Yes, I think the Euro (FXE) and the Yen (FXY) really are looking hard to rally, and the trigger could be dovish language in the next Fed meeting. Once the Fed slows its rate of interest rates rises, the currencies should take off like a scalded chimp.
Q: Will the banks (XLF) rally in the next 6 months for a better sell?
A: Many people are waiting for a rally in the banks so they can unload them and haven’t gotten it—they’re back to pre-election price levels. The issue here is structural, and you don’t get recoveries from major structural changes in an industry. It’s significant that this is the first bull market that had no net new employment in the banks whatsoever; the business is fading away. They are the new buggy whip makers. These gigantic national branch networks will all be gone in ten years because the banks can’t afford them.
Q: Would you enter the Microsoft (MSFT) trade today?
A: I actually think I would; Microsoft only pulled back 10% when everything else was dropping 30%, 40%, or 50%. That shows you how many people are trying to get into this name so if you could take a little short-term pain (like 5%), the stock outright is probably a screaming buy here. I think it’ll go to $200 one day, so here at $110-$111 it looks like a pretty good deal. The story here is that Microsoft is rapidly taking market share from Amazon (AMZN) in the cloud business and that’s going to continue.
Q: When will you be updating your long-term model portfolio?
A: I usually do it at the end of the year, and rarely make any big changes. I’ll still be selling short bonds and still like Tesla (TSLA) and Exxon (XOM).
Q: I just joined your service. What is the best way to get started?
A: I’ll give you the same advice that I gave every starting trader at Morgan Stanley (MS). Start trading on paper only. When you are making money reliably on paper, move up to using real money, but only with one contract per position. When that is successful, slowly increase your size to 2, 3, 5, 10, and 20 contracts. Pretty soon, you will be swinging around 1,000 contracts a lot like I do. The further you move down the learning curve the greater you can increase your size and your risk. If you never get past the paper stage at least it’s not costing you any money.
I hope this helps.
Good luck and good trading.
John Thomas
CEO & Publisher
The Diary of a Mad Hedge Fund Trader
Global Market Comments
June 25, 2018
Fiat Lux
Featured Trade:
(THE MARKET OUTLOOK FOR THE WEEK AHEAD, OR IS THIS A 1999 REPLAY?),
(AAPL), (FB), (NFLX), (AMZN), (GE), (WBT),
(JOIN ME ON THE QUEEN MARY 2 FOR MY JULY 11, 2018 SEMINAR AT SEA),
(JUNE 20 BIWEEKLY STRATEGY WEBINAR Q&A),
(SQ), (PANW), (FEYE), (FB), (LRCX), (BABA), (MOMO), (IQ), (BIDU), (AMD), (MSFT), (EDIT), (NTLA), Bitcoin, (FXE), (SPY), (SPX)
Below please find subscribers' Q&A for the Mad Hedge Fund Trader June 20 Global Strategy Webinar with my guest and co-host Bill Davis of the Mad Day Trader.
As usual, every asset class long and short was covered. You are certainly an inquisitive lot, and keep those questions coming!
Q: What are your thoughts on Square (SQ) as a credit spread or buyout proposition?
A: I love Square long term, and I think there's another double in it. They were a takeover target, but now the stock's getting so expensive it may not be worth it. So, Square is a buy. However, look for a summer sell-off to get into a new position.
Q: The FANGs feel a little bubbly here; will they pull back on a market dip?
A: Yes, my entire portfolio of FANG options is designed to expire on the July 20th expiration. In fact, I may even come out before then as we reach the maximum profit point on these option call spreads. Then look for a summer meltdown to get back in. The FANGs could double from here. If I am wrong they will just continue to go straight up.
Q: Palo Alto Networks (PANW) has a new CEO; are you concerned?
A: Absolutely not, I love Palo Alto networks, as well as the (FEYE) FireEye. It's just a question of getting in at the right price. It's one of the many ballistic stocks in Tech this year that we've been recommending for a long time. Hacking an online theft is never going to go out of style.
Q: Is it time to sell Facebook (FB)?
A: Yes, if you're a trader. No, if you're a long-term investor. There's another double in it. You're going to have natural profit taking on all of these Techs for the short-term, and possibly for the summer, because they've just had enormous runs. If you aren't in the FANGs this year, you basically don't have any performance because almost all of the rest of the market has gone down.
Q: What are your thoughts on Lam Research (LRCX)?
A: The whole chip sector has had two big sell-offs this year because of their China exposure and the trade wars. Expect more to come. China gets 80% of their chips from the U.S. This is normal at the end of a 10-year bull market. It's also normal when a sector transitions from highly cyclical to secular, which is what's happening in the chip sector. Twice the volatility gets you twice the returns.
Q: Would you stay away from Chinese stocks like Alibaba (BABA), Momo Inc.(MOMO), IQ (IQ), and Baidu (BIDU)?
A: I have stayed away because of the trade war fears, and it was the completely wrong thing to do, because they've gone up as much as our Tech stocks, except for the last week. So yes, I would be buying dips on these big Chinese Tech stocks, because they are drinking the same Kool Aid as our Techs, and it's working.
Q: I hear that short selling of volatility is coming back; is that a good thing?
A: Actually, it is a good thing, because it creates buyers on these dips when you had no short sellers left. The entire industry got wiped out in February creating $8 billion in losses. There was no one left to cover those shorts and support the market. Of course, the result was we got a lower low down here because of that. It's always better to have a two-way market to get a real price. Now professionals are sneaking back in on the short side, which is as it should be. This should never have been a retail product.
Q: Why are international markets so disconnected from the U.S.? Many Asian markets are down heavily while the U.S. are up.
A: The U.S. stock market benefits from a rising dollar and rising interest rates, whereas international markets suffer. When you have weak currencies in the emerging markets, people sell their stocks to avoid the currency hit, and that takes the emerging markets down massively. A lot of emerging market companies have their debts denominated in U.S. dollars, so they get killed by a strong greenback. Also, the emerging markets make a lot of money selling goods into China, so when the Chinese economy gets attacked by the U.S. and growth slows, it has the byproduct of attacking all our other allies in Southeast Asia.
Q: Is it a good idea to sell everything for the summer and just de-risk for my portfolio?
A: That's what I'm doing. Summer trading is usually horrible, and now we're going into the summer at close to a high for the year, with a terrible political backdrop and possible economic growth peaking right here. So, yes, it's a good time to sit back, count your money, and maybe even spend some of it on a European vacation.
Q: When do you think the yield curve will invert?
A: In a year, and that is typically when you get a peaking of economic growth and the stock market.
Q: Is the Fed's faster-than-expected desire to raise rates good for equities, or will investors likely sell this news as quantitative tightening continues?
A: Short-term they will buy the market on rising rates, they always do at the early part of an interest rate rising cycle. They sell stocks when you get to the middle or the end of a rate rising cycle.
Q: Do you think large Tech stocks are expensive here?
A: No, I think the Large-Cap Tech stocks can potentially double here. It can take another year to year and a half to do it, and if they don't do it in this cycle they will certainly do it in the next one, after the next recession in the 2020s. So, long term you want to think FANG, FANG, FANG, TECH, TECH, TECH. You really shouldn't have anything else in the long term, except for maybe Biotech, where you can now get in at a multiyear low.
Q: Can I buy a chip company like Advanced Micro Devices (AMD), or should I buy a cloud company, like Microsoft (MSFT)?
A: I would go with the Cloud company. The innovation there is incredible. Cloud is growing like the Internet itself was growing on its own in 1995, and with chip stocks like (AMD), you're going to get much higher volatility, but more gain. So, pick your poison. But I would go with the Cloud plays.
Q: Can we watch the recorded version of this webinar later?
A: Yes, we post the webinar on our website a couple hours later, if you're a paid subscriber.
Q: What about the CRISPR stocks?
A: They are a screaming buy right now, buy Editas Medicine (EDIT) and Intellia Therapeutics (NTLA) on the dip. The paper that triggered the sell-off saying that CRISPR causes cancer is complete BS.
Q: Only 30 million in Bitcoin was stolen in South Korea so will that still have an impact?
A: Yes, but there have been countless other hacks this year and the total loss is well over $500 million. In addition, Bitcoin is now down 70% from its December top so not all is well in cryptocurrency land.
Q: Should we expect any Trade Alerts before August 8?
A: Yes, some of my best trades have been done while only vacation. I once sold short the Euro (FXE) from the back of a camel in Morocco. Another time, I bought the S&P 500 (SPY) while hanging from a cliff face on the Matterhorn. Both of those made good money.
Q: Will the S&P 500 reach new highs before the end of the year?
A: Yes, once you get the election out of the way, that removes a huge amount of uncertainty from the market. If we could end our trade war before then, I think you're looking at another 10-15% in gains from this level by the end of the year. That takes you to an (SPX) of 3,100 by the end of 2018, which was my January 1 prediction.
Q: What does all the heavy mergers and acquisition activity mean for the market?
A: It means fewer stocks are left to trade. Stock shortages leads to higher prices, always, so it is a big market positive this year
Good Luck and Good Trading.
John Thomas
CEO and Publisher
The Diary of a Mad Hedge Fund Trader
Global Market Comments
May 11, 2018
Fiat Lux
Featured Trade:
(WEDNESDAY, JUNE 13, 2018, PHILADELPHIA, PA, GLOBAL STRATEGY LUNCHEON),
(MAY 9 BIWEEKLY STRATEGY WEBINAR Q&A),
(FB), (MU), (NVDA), (AMZN), (GOOGL),
(TLT), (SPX), (MSFT), (DAL),
(MAD HEDGE DINNER WITH BEN BERNANKE)
Below please find subscribers' Q&A for the Mad Hedge Fund Trader May 9 Global Strategy Webinar with my guest co-host Bill Davis of the Mad Day Trader.
As usual, every asset class long and short was covered. You are certainly an inquisitive lot, and keep those questions coming!
Q: Would you still short Facebook (FB)?
A: Right now, no. I thought the dynamics changed off the last earnings report, so the answer is no. We have made a ton of money trading Facebook this year, and all of it has been from the long side.
Q: How will the election affect the market?
A: It will go down into the election, but you'll then get a strong rally as the uncertainty fades away. It really makes no difference who wins. It is the elimination of uncertainty that is the big issue.
Q: Do you have a price to buy Micron Technology (MU) or NVIDIA (NVDA), or do you want to wait for a crash day?
A: I want to wait for a crash day, because even though these are great companies, on the down days, they fall twice as fast as any other stock. Your entry point is very important in that situation.
Q: Do you see opportunities to sell short the U.S. Treasury bond market (TLT) again?
A: Yes. But wait for the four-point rally not the two-point rally.
Q: Rising interest rates should benefit banks - why are they such horrible performers?
A: The double in bank stocks in 2017 fully discounted this year's interest rate move. For banks to really perform interest rates have to move higher still, which they will eventually.
Q: When will the yield curve invert and what will be the implications?
A: You can take the Fed's current rate of interest rate rises (which is 25 basis points every three months) and essentially calculate that the yield curve inverts at the end of 2018 or the beginning of 2019. Recessions and bear markets always follow six months after that inversion takes place. That's when interest rates start to rise very sharply as bond investors panic and unwind all their leveraged long positions.
Q: Why are you not involved with Amazon (AMZN) and Google (GOOGL)?
A: I've already taken big profits in both of these and I'm just waiting for another serious dip before I get back in again.
Q: What happens to stock buybacks?
A: While other investors are pulling out of the market, stock buybacks are doubling. But, that is only happening, essentially, in the tech stocks - they're the buyback kings. If you don't have a serious buyback program this year, your stock is falling. Companies are the sole net buyers of the market this year, and they are only buying their own stocks.
Q: What do you see the upper and lower end of the S&P 500 (SPY) range to November?
A: I think we've already got it: 2,550 on the low side, 2,800 on the high side - that a 10% range and you can expect it to get narrower and narrower going into November. After that, we get an upside breakout to new all-time highs.
Q: When will rates be negative next?
A: In the next recession, the bottom of which will be in 2 to 2.5 years; that's when interest rates in the U.S. could go negative, as they did in Japan and Europe for several years.
Q: What is your No. 1 pick in the market today?
A: We love Microsoft (MSFT) long term. However, right now the background macro picture is more important than stock selection than any single name, so we're keeping a position in Microsoft in the Mad Hedge Technology Letter, but not in Global Trading Dispatch. We're sort of hanging back, waiting for another sell-off before we touch anything on the long side in GTD. Remember, the money is made on a buy in the new position, not on the sell going out.
Q: Was the semiconductor chip sell-off overdone?
A: Absolutely - the negative report was put out by a new analyst to the industry who doesn't know what he's talking about. If you ask all the end users of the chips, all they talk about is A.I., and that means exponential growth of chip demand.
Q: Is it a good time to buy airline stocks (DAL)?
A: No, until we get a definitive peak in oil, and a speed up again in the economy, you don't want to touch economically sensitive sectors like the airlines.
Global Market Comments
April 19, 2018
Fiat Lux
Featured Trade:
(DIVING BACK INTO THE VIX),
(VIX), (VXX), (SPX),
(THE GREAT AMERICAN JOBS MISMATCH)
I think we are only days, at the most weeks, away from the next crisis coming out of Washington. It can come for any of a dozen different reasons.
Wars with Syria, Iran or North Korea. The next escalation of the trade war with China. The failure of the NAFTA renegotiation. Another sex scandal. The latest chapter of the Mueller investigation.
And then there's the totally unexpected, out of the blue black swan.
We are spoiled for choice.
For stock investors, it's like hiking on the top of Mount Whitney during a thunderstorm with a steel ice axe in hand.
So, I am going to buy some fire insurance here while it is on sale to protect my other long positions in technology and financial stocks.
Since April 1, the Volatility Index (VIX) has performed a swan dive from $26 to $15, a decline of 42.30%.
I have always been one to buy umbrellas during parched summers, and sun tan lotion during the frozen depths of winter. This is an opportunity to do exactly that.
Until the next disaster comes, I expect the (VXX) to trade sideways from here, and not plumb new lows. These days, a premium is paid for downside protection.
The year is playing out as I expected in my 2018 Annual Asset Class Review (Click here for the link.). Expect double the volatility with half the returns.
So far, so good.
If you don't do options buy the (VXX) outright for a quick trading pop.
You may know of the Volatility Index from the many clueless talking heads, beginners, and newbies who call (VIX) the "Fear Index."
For those of you who have a PhD in higher mathematics from MIT, the (VIX) is simply a weighted blend of prices for a range of options on the S&P 500 index.
The formula uses a kernel-smoothed estimator that takes as inputs the current market prices for all out-of-the-money calls and puts for the front month and second month expirations.
The (VIX) is the square root of the par variance swap rate for a 30-day term initiated today. To get into the pricing of the individual options, please go look up your handy-dandy and ever-useful Black-Scholes equation.
You will recall that this is the equation that derives from the Brownian motion of heat transference in metals. Got all that?
For the rest of you who do not possess a PhD in higher mathematics from MIT, and maybe scored a 450 on your math SAT test, or who don't know what an SAT test is, this is what you need to know.
When the market goes up, the (VIX) goes down. When the market goes down, the (VIX) goes up. Period.
End of story. Class dismissed.
The (VIX) is expressed in terms of the annualized movement in the S&P 500, which today is at $806.06.
So, for example, a (VIX) of $15.48 means that the market expects the index to move 4.47%, or 121.37 S&P 500 points, over the next 30 days.
You get this by calculating $15.48/3.46 = 4.47%, where the square root of 12 months is 3.46 months.
The volatility index doesn't really care which way the stock index moves. If the S&P 500 moves more than the projected 4.47%, you make a profit on your long (VIX) positions. As we know, the markets these tumultuous days can move 4.47% in a single day.
I am going into this detail because I always get a million questions whenever I raise this subject with volatility-deprived investors.
It gets better. Futures contracts began trading on the (VIX) in 2004, and options on the futures since 2006.
Since then, these instruments have provided a vital means through which hedge funds control risk in their portfolios, thus providing the "hedge" in hedge fund.
If you make money on your (VIX) trade, it will offset losses on other long positions. This is how the big funds most commonly use it.
If you lose money on your long (VIX) position, it is only because all your other long positions went up.
But then no one who buys fire insurance ever complains when their house doesn't burn down.
"Chance Favors the Prepared," said French scientist Louis Pasteur.
The S&P 500 has just bounced off the 214 level for the second time this month.
Is it safe to come out of your cave? Is to time to take the hard hat back to the basement?
If you had taken Cunard?s round-the-world cruise three months ago, as I recommended, you would be landing in New York about now, wondering what the big deal was. Indexes are unchanged since you departed.
This truly has been the Teflon market. Nothing will stick to it. In June when Brexit hit, many predicted the end of the world. The market crashed. Then within days, it recovered the loss and moved on to new all time highs..
Go figure.
It makes you want to throw up your hands in despair and throw your empty beer can at the TV. All this work, and I?ve delivered the perfectly wrong conclusions?
Let me point out a few harsh lessons learned from this most recent melt down, and the rip your face off rally that followed.
Remember all those market gurus poo pooing the effectiveness of the ?Sell in May and go away? strategy? This year it worked better than ever.
This is why almost every Trade Alert I shot out for the past five months has been from the short side. It is also why I was so quick to cover my most recent shorts for a loss.
We are about to move from a ?Sell in May? to a ?Buy in November? posture.
The next six months are ones of historical seasonal market strength (click here for the misty origins of this trend at ?If You Sell in May, What To Do in April??).? You must be logged into your account to read this article.
The other lesson learned this summer was the utter uselessness of technical analysis. Usually these guys are right only 50% of the time. This year, they missed the boat entirely.
When the S&P 500 (SPY) was meandering in a narrow nine point range, and the Volatility Index ($VIX) hugged the 12-15 neighborhood, they said this would continue for the rest of the year.
It didn?t.
When the market finally broke down in June, cutting through imaginary support levels like a hot knife through butter, they said the market would plunge to 175, and possibly as low as 158.
It didn?t do that either.
When the July rally started, pitiful technical analysts told you to sell into it.
If you did, you lost your shirt. The market just kept going, and going, and going like the Energizer Bunny.
This is why technical analysis is utterly useless as an investment strategy. How many hedge funds use a pure technical strategy?
Absolutely none, as it doesn?t make any money.
At best, it is just one of 100 tools you need to trade the market effectively. The shorter the time frame, the more accurate it becomes.
On an intraday basis, technical analysis is actually quite useful. But I doubt few of you engage in this hopeless pursuit.
This is why I advise portfolio managers and financial advisors to use technical analysis as a means of timing order executions and nothing more.
Most professionals agree with me.
Technical analysis derives from humans? preference for looking at pictures instead of engaging in abstract mental processes. A picture is worth 1,000 words and probably a lot more.
This is why technical analysis appeals to so many young people entering the market for the first time. Buy a book for $5 on Amazon, and you too can become a Master of the Universe.
Who can resist that?
The problem is that high frequency traders also bought that same book from Amazon a long time ago and have designed algorithms to frustrate every move the technical analyst makes.
Sorry to be a buzz kill, but that is my take on technical analysis.
Hope you enjoyed your cruise.
Correction? What Correction?
I have a feeling that you are going to really need to know how to trade a crash in the coming weeks.
Due to our recent blockbuster performance, up 39% last year alone, we have also taken in a large number of new subscribers. They should read this piece carefully and commit it to memory, and have the key points tattooed on their forearm.
There won?t be time to look for these words to the wise, once the market?s wheels really fall off.
In my half-century of trading stocks, I have been through quite a few crashes.
When the Nifty Fifty collapsed in 1973, everyone thought it was the end of the world. The Dow Average fell to 650. President Nixon resigned shortly afterwards.
The 1987 crash certainly left its scars. My equity department at Morgan Stanley lost $75 million in one day, then a staggering amount. We had to pedal triple time to make it all back by the end of the month. I remember that George Soros puked right at the very low.
The 1998 emerging market debacle certainly put our wits to the test. That little affair ultimately led to the Russian debt default and the blow up of Long Term Capital Management, Nobel Prize winners and all.
The 2000 Dotcom Crash was one to remember. At least the parties leading up to the peak made it all worth it. But a lot of friends lost their careers and their homes over that one.
2008-09? That one sent us all back to our history books searching for comparisons with the Great Depression.
It turns out that we were only in for a Great Recession instead and a 52% market decline instead of a 90% one. Not a single person alive thought markets would triple over the next six years, as they have done.
The 2010 Flash Crash, the last time we were down 1,000 points in a single day? Seems like it was only yesterday, just water off your back.
So given my long history of surviving market melt downs, I have to tell you that the August swoon doesn?t even rank in the top ten.
But then again, it?s not over yet either.
So trading crashes is a skill set that every long-term investor is going to need. It is an ability that may save your wealth, if not your life.
I have listed below my twelve rules for trading crashes that I have compiled off the back of decades of hard earned experience.
TWELVE RULES FOR TRADING A CRASH
1) Shrink your trading book to a single position so it?s easier to watch.
2) Shrink your size so it?s small enough for you to sleep at night?even during a crash.
3) Watch the (VIX) as a leading indicator. This time, junk bonds (HYG) and the Russell 200 (IWM) are functioning as pathfinders as well.
4) Don?t be afraid to trade, since now is when risk is the lowest and the rewards the highest. Don?t give up, throw up your hands in despair, and go into hiding like everyone else is.
5) You wanted to buy on a dip? This is a dip. Be careful what you wish for.
6) Time is compressed during a crash. Share price movements that normally take months occur in minutes. Be prepared to do a lot of trading.
7) Liquidity disappears and spreads widen dramatically. Basically, the market wants you to go away. Some of the lesser ETF?s take the biggest hits, as no one wants to touch them.
8) Expect system breakdowns everywhere as they are hyper stressed. Trading platforms can seize up, computers freeze, and the Internet noticeably slows down.
9) If you have any kind of leverage, now is when your brokers will come after you. Margin requirements can double or quadruple overnight with no notice. If you can?t cough up the extra money they will execute a forced liquidation of your account at terrible prices.
10) When you buy single names, focus on quality. It is a rare chance to buy Cadillacs at a discount. Be careful, because fundamentals mean nothing during a crash. Cash is King.
11) Don?t even think about calling your broker. You?re on your own. They?ll just put you on perpetual hold or throw the handset down on the floor and burst into tears, as happened to me during the 1987 crash when I tried to buy.
12) Maintain discipline, exercise strict risk control, and let the other people panic. Now is when you define yourself as a trader. Anyone can trade a bull market. But only a few can handle the bear version.
HAVING SAID ALL THAT, GOOD LUCK AND GOOD TRADING!
