What goes up……
May 24, 2013 § Leave a comment
(contributed piece from Wannop)
I’ve had this song by Blood Sweat and Tears in my head since I woke up this morning. My mother used to play it relentlessly when I was a teenager – drove me fucking nuts, especially when she tried to compare it with Pearl Jam. So today it’s stuck there. And I’m thinking about these markets that are levitating on Central Bank amphetamines.
Such a tempting short. But then I remember the folksy homily that the Trend Is Your Friend (or, as one moronic broker I was once forced to deal with used to say: “The trend is your mate” – irony is lost on these fuckers; they only understand beatings). So I’m standing outside having my 5th cigarette of the day and it isn’t 9.30am.
I’m balls long this market. I’ve been riding it all the way up and I’ve had a cracking month. Am I being greedy? Should I just take the profit off the table. Go away for a long weekend to my beach house down on the Cote D’Azur. Could take that Ukrainian bird from the other night. No fuck that, there’ll be plenty to choose from down there. I’m brought out of my reverie by the sight of Armstrong heaving into view.
“Alright, Mike. Give us a light.”
“Alright Strongy”, I reply, taking out my solid gold du pont lighter and firing him up. “What do you think of this market?”
“I don’t like it Mike. Toppish. Market very skittish mate. Any bad news out of Thursday’s numbers and its toast.”
I love talking to Strongy because he’s the weakest of the weak hands. Nice bloke, kind of harmless. Great barometer. If Strongy’s skittish this market still has legs.
Enjoy your fag, Strongy. I’m going back up.
I head up the escalator and formulate a plan. I head straight back upstairs and price up some teenie weekly calls to buy. This things going to the moon. I’ve just doubled my risk. When the likes of Strongy panic to buy I’ll turf it out to them. You gotta feed the ducks while they’re quacking.
By the end of the US session the market’s up another 10 points. It’s been a great week, I’m heading for the airport.