Honest Admission From a Trader:
I have a confession to make. I go to bed every night and I pray for another recession. In fact, if indeed we are heading for another global recession, which I believe we are, then I have been dreaming of this moment for 3 years!
Why? Because I am a “bad guy”, right?
One of my biggest regrets is that I did not make as much money as I should have done in the crash of 2008.
If a global recession is heading our way, then that is an opportunity. It is an opportunity not just for me but for everybody, including you, dear reader.
Read his full post here: http://www.leadingtrader.com/09/global-recession-why-i-pray-for-another-recession/
Something To Keep In Mind:
There have been traders, both short term and long term alike, that have been looking for a retest of the 2009 lows or for the “next shoe to drop.” They’ve had this outlook since the S&P was at 850, and the “wall of worry,” so to speak, has been ever present in spite of bearish economic conditions.
The goal of a trader is to align your exposure and risk with the current market structure and trend. There is a huge difference in saying “the market wants higher” and “I want the market higher.”
Could we see $SPX back at 850? Sure, we could also see it back at 1400. My job is not to pray or hope for any directional movements, just take trades as the market dictates. – Steven Place
– Faceless Trader echoes this guy’s “dreams”, but is level headed that until the shoe drops. We are still in a VERY WIDE trading range. Don’t get too bearish, nor too bullish.