My days of working for someone else are long gone…
Working late nights to impress management in the hopes of moving up the chain never appealed to me. I don’t like wasting my time. Why spend decades toiling in a dreary cubicle for that corner office with a view?
Instead, I bet on myself. Trading is the perfect business, especially now with virtually no impediments and endless opportunities. All the hard work paid off, too. The payout was 100% and a corporate flowchart never dictated my path to success.
I was able to buy my own “corner office with a view” on the 41st floor. I could see all the way to Indiana and the far west and south sides from my downtown Chicago perch.
But now my 30-year run of physically being in the center of the Chicago financial markets has finally come to an end. Thanks to technology, there’s no need to actually be there all the time, so I’ve ditched my old digs for a serene city setting a few miles away.
One last look at my corner office in the sky…
But I don’t expect to stay in Chicago forever. My next step will be to move full-time to my lake compound. For now, I’ll keep “working” on the trade of the day to put myself in position for a successful tomorrow…
Keep it In the Money,
Chart of the Day: Tech tanks!
The tech trade is under pressure as the holiday weekend approaches…
I’ve felt like a broken record over the past couple of weeks, warning about the possibility of a volatility spike as the calendar flipped to September. After all, the market has posted an impressive winning streak. Stocks were too frothy! As I said Monday morning, they will eventually correct, and we will hopefully see some rotation into some other areas of the market.
But instead of rotation, we saw the tech selling bleed across almost every single market sector yesterday. Financials and utilities led the way early in the morning, but quickly went red as the selloff intensified.
Remember, I have nothing against the mania we’ve witnessed in the mega-cap tech stocks. I wasn’t interested in blindly buying any of these overextended names recently. Now you see why!
Trading Tip of the Day
Time to dust off this famous Wall Street axiom: Stocks take the stairs up, and the elevator down.
We’ve watched the averages shoot higher all summer, only to have them give back a huge chunk of these gains all at once. It’s happened countless times before. Sure, the circumstances were different. But people tend to panic the same way every single time.
Our next step is to watch for a suitable landing zone for stocks. We don’t yet know when the dust will settle. It might take a couple of days, a couple of weeks, or much longer. No matter what happens, it’s good to see some of these frothier trades blow off some steam — despite how painful it is to experience in real time.
— Greg Guenthner