I stumbled across the blog of a technology bull today. On Friday he threw in the towel after losing 32% of his account year-to-date.
I remember back in 2000 how I just watched my assets shrink on a daily basis, stuck in disbelief as an unrelenting market did permanent damage to me. It would take me more than 3 years to rebuild my business and I never forgot those lessons, until about 8 weeks ago.
I sold almost everything today and now sit with 90% cash. Whether the market rallies from here, or if I marked the bottom in stocks, is immaterial to me. This is a mountainous f*** up on my behalf and it will take me a long, long time to not only recover from this, but regain the confidence to make it back
The pain in the highest flying Nasdaq stocks has hit the biggest bulls hard. In many ways tech was the ‘general’ of this market and led the bulls to victory after victory but now that the generals have been executed, it might only be a matter of time until the soldiers are slaughtered.