Well, there’s still no panic out there in the headlines. And while the dozens of TradingWithCody subscribers who have replied so far have been over 90% in consensus that the bulls are more scared right now than the bears, take a look at a few of these replies from Marketwatch where I also always ask this question to get a bigger sampling:
- Momentum trades still abound… how about that NFLX… happy thanksgiving!
- Well, I’m not in a panic. The biggest losers so far are the ones like AAPL and GOOG, the stocks where there’s significant gains since 12 months ago. Makes sense for the millionaires to sell them, and take their 15% tax while they can. The rest of the market is moving less dramatically, but sympathetically, IMO…
- Obama’s PPT is out and about… I’m not scared. Sound more like a wall of worry not a wailing wall right now. Buy the dips….
Then again, there are some cocky bears replying to me also, which hasn’t been prevalent in these polls in a long while:
- Already short the market – how are those APPL shares you told everyone to buy doing?
- Actually quite happy as I am sitting 100% in cash.
I admit I am more scared as a bull right now than I have been in awhile and Apple’s endless bleed of death of got me worried too. I will not let those emotions affect my analysis and/or my trading though.
I sent in some money recently and I’m still not as long as I was back near the top when we started trimming/hedging a few weeks ago, and I’ll be sticking with the playbook.
Here are some great quotes about fear and each applies to our current situation in several ways if you think about it:
Expose yourself to your deepest fear; after that, fear has no power, and the fear of freedom shrinks and vanishes. You are free.
I fear not the man who has practiced 10,000 kicks once, but I fear the man who has practiced one kick 10,000 times.
Courage is resistance to fear, mastery of fear, not absence of fear.
If you know the enemy and know yourself you need not fear the results of a hundred battles.
The fear of death is the most unjustified of all fears, for there’s no risk of accident for someone who’s dead.