There is no other way to spin today other than totally ugly. What is really funny is that a lot of my longs HELD UP!!! and are holding support. The big problem is that my largest positions DID THE WORST, while my smallest positions DID THE BEST. That is how my luck has been lately and what is funny is that this is actually a testament to my skill. Since I have no luck, the fact that I am even up over 10% this year is incredible. I would love to see what that number would be IF I ACTUALLY HAD SOME GOOD LUCK. Too bad I have none. Therefore, as soon as we get the signal that it is safe to buy stocks again, we immediately are met with the ugliest trading session since January. Today was horrible. But most of my longs are still holding support, so there is not much to do. I just will NOT be buying anything else and do plan on getting back to AT LEAST 25% cash. Still though, we are holding the key support areas. So this selling will have to be built on before I panic and dump my portfolio. But when you have a long like NOG and PDO, it sure makes today a lot easier to deal with. The fact other key large longs holding support give me hope this was a one time thing. But it still scared me to death. It scared me so much in fact I can say I am no longer a “cautious bull” and am now COMPLETELY “neutral with a evidence/charts bias of being bullish but a GUT “FEEL” bias toward being bearish.”

long: confusion

short: extreme emotions to the bull or bear side

Last 5 posts by Joshua Hayes

• Following Through on Friday's Gains Stocks Stage Another Rally on Strong Volume - June 2nd, 2009
• Small Cap and IBD Indexes Lag the Major Indexes with Volume Higher Across the Board - May 29th, 2009
• Are Items That Fill Up Your House too Expensive? Then Rent Them at Aarons Inc. - May 27th, 2009
• Finally We Have The IBD Indexes Leading The Way As Stocks Rally On Heavier Trade - May 27th, 2009
• Ending in Mixed Fashion Stocks Fail to Close Out With Gains Seen Earlier in the Session; IBD Indexes Take the Lead - May 20th, 2009