Lately we have been hearing many opinions of gloom and doom. These days everyone has their own opinion about where the stock market is going. One opinion that we keep hearing time and time again is “this time is different.”
One of our favorite stock traders and authors, Jesse Livermore, has two quotes that we feel are appropriate here.
First, Livermore says, “Markets are never wrong; opinions are.”
Secondly he says, “There is nothing new in Wall Street….Whatever happens in the stock market today has happened before and will happen again.”
We do not know what is going to happen with the stock market. Sure we have our opinions but that’s all they are. Will it go up? Maybe. Will it go down? Maybe. We instead have chosen to listen to the market and let it tell its own story.
We believe in identifying the trend and following it. Right now the trend is down but that doesn’t mean it always will be. Historically, the market has always rebounded and prospered and we choose to believe this will happen again. With the onset of so many negative opinions we are optimistic and patient and we feel, as contrarians, things will get better.
Keep your head up!!
Posted on
Fri, March 6, 2009
by Mark Simmons