A lot of the people who were profitable in 2008 became unstuck the following year. They seemed to get in their head that, once the markets started rallying, they were anticipating a further, more pronounced price drop.
In the summer of 2009, they got their chance. There were numerous trading blogs of the day talking about a 'head and shoulders' pattern which had formed on the indices between May and June, and they were going to use this as a trigger to go short the market, and really make a killing.
Showing posts with label Joe Granville. Show all posts
Showing posts with label Joe Granville. Show all posts
Saturday, October 27, 2018
Monday, May 07, 2018
The futility of predictions
Yesterday I had the misfortune to be copied in on an Facebook thread discussing an impending stock market crash, together with an invitation to join the group who were discussing it.
This post had more than 200 comments from a number of traders covering the intricacies of the current economic climate and their opinions on this - most of which I didn't understand.
Idly browsing through those comments wasted ten minutes of my life that I couldn't get back. But it did give me the inspiration for this post.
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