"I always laugh at people who say 'I've never met a rich technician.' I love that! It's such an arrogant, nonsensical response. I used fundamentals for 9 years and got rich as a technician." -- Marty Schwartz
NEW YORK (TheStreet) -- We've had some poor days this summer, but Tuesday has to take the cake. Things looked OK Monday, but today things fell apart. Up, down, then a feeble attempt at up again, before we began to roll over again into the close.
There is no point in being in stocks at the moment unfortunately. It looked like we were going to have a busy and profitable summer, but it has instead been marred by small loss after small loss for the most part, with some small gains thrown in as well. That is never fun. Still, we may be able to get some decent trades on earnings news, starting with Google (GOOG) (GOOGL) later this week.
Bank stocks did OK today after some nice earnings. They sure do have nice margins after taxes, fines and all other expenses. Must be nice to be a bank....
Gold (GLD) tried to bounce today, but failed hard. The few miners who held up Monday collapsed.