Smarty pants.


We bought the Qs when they broke out and then, too clever by half, sold them at the first peak in May, breaking the trend following rule of waiting for the downwave to play itself out.  We shorted the S&P at the same time, thinking that we were being clever and would catch the big downwave. 

Now the Qs are still a buy and we have relearned that leasson for the 3,112th time.  In our puny defense we thought that the contrarians were going to drive the market down.  They may still.  In fact the SPX is virtually perfectly placed to make an aesthetically perfect Kilroy (H&S) bottom if it declines from here.  In our puny defense we did follow the rules on platinum and are still long since March.  Win some.  Lose some.  Never be in  a hurry to do something stupid.

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