Happy Saturday.
I am off to Amsterdam this morning for a week of work and of course some good times as I see some friends and founders. On the way home I will be visiting family in Toronto which will be fun. I am a great uncle again. My awesome niece Sami had their first child. I hope to spend the remainder of the summer on my porch in Coronado.
Onwards…
Elon Musk has ‘Super Bad Feelings’ about the economy.
That seems to have upset everyone.
The old grumpy me (two weeks ago) would hop all over this and pile on.
Me…I am thrilled Elon has feelings. He has SEVEN children to feel for.
The only asset class that has not been in crash mode is energy and that crashed in March of 2020. China crashed, Crypto is crashing, the software and cloud stocks have crashed…you get the point.
A month ago when he decided to buy Twitter he was having ‘super good feelings’ about something…no?
Let’s be honest…Elon had ‘super bad feelings’ back in November when he sold a lot of his stock.
Yesterday he had ‘super bad feelings’ as a cover to lay off a lot of people’.
A lot of founders and CEO’s will use this as cover to do the same over the summer.
I have NO idea what this does to the stock market, but we have been sitting below the 200-day moving averages for over a month now with not much of any bounce or rally.
Everyone seems to be watching the headlines and not watching the tape (price action) and behavior which has been screaming that ‘cash is not trash’ since March of 2021 when Cathie Woods was King/Queen and SPAC founders like yours truly here could raise $400 million over Zoom in their ‘Manscaped’ underwear.
If you have ‘super bad feelings’ today you are just normal.
It is ok to act on those feelings and sell stocks or anything not nailed down to ease that feeling.
You just need to journal and note those feelings so that you act on the ‘super bad feeling’ when you are next feeling ‘super fabulous’.
