Friday, January 4, 2008

Down, Jones!

Dow Jones: down 256.54
S&P500 : down 35.33
GOOG : down 28.33

Let me say, first of all, that I am sympathetic to longs everywhere, tonight. I've been there and hated it.

But I have tortured myself, whined in public and played the fool, over some recent occasions when I have sold GOOG and gone to cash, contrary to good sense and the Trader's Handbook.

I beat myself up, every day, for being such a moron.

So, I hope you won't begrudge me this day. For me, today was perfect. I don't expect you to be happy for my good fortune. I wouldn't be, in your place.

But today, my former mutual funds are worth 5% less than when I sold them in September; I switched back into the C Fund, buying 135 shares more than I had before; and GOOG has suddenly become unbearably heavy, dropping below the price I got for my shares.

Neiderhoffer would kill for a day like this.

But, if you think it unseemly of me to glory in my good luck, while so many others are chewing on tables, I can only urge you to recall the words of Mel Brooks, the legendary 2000-year-old trader, who said: "Let 'em all go to Hell, except cave 76!"

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