"The principle marketing of the stock, as you know, is on the way down. It is perfectly astonishing how much stock a man can get rid of on a decline."
That is a quote from Reminiscences of a Stock Operator, by Lefevre.
I am reminded of that because today on CNBC they interviewed a "money manager" who talked about his fondness for Tesla (TSLA). The interviewer asked him if he had finally bought some Tesla. The gentleman responded that he had meant to buy it on the last pullback, but that it had gone up too fast and he had no chance to buy.
I could not stop laughing.
I guess he prefers to buy things that are going down.
He would be one to wait for Enron to pullback before he buys. And the weaker the better!
Todays market action was a follow through on the action of the first of the year. It doesn't matter the particular reason, whether the early year selling was due to tax loss selling due to changes in tax laws, or if global events are looming. China, Ukraine, S. America riots. Whatever. The point is that the market is getting nervous at all time highs.
I added to my VXX today.
control your risk!