Friday, November 17, 2006

This all very interesting...but

This market is maddening!

With some money on the sidelines, I have been looking to enter new positions ever since the S&P 500 was at 1320. We are at 1403! If I'm feeling this way, just think about the people who have been 100% in cash for this whole run. Now I understand why people say that we hit the top when the bears finallly capitulate. When they finally say "screw it" and jump in on the long side there will be no where to go but down.

I'm like to remind myself of a Jesse Livermore quote when I'm having trouble being diciplined.

“After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting.”

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