A little amusing commentary from David Bartosiak, the manager of the Home Run Portfolio at Zacks (Small to mid cap, fairly aggressive).
It’s a good thing there’s not a microphone near my desk because this week would have caught a whole lot of four letter words… Frustration doesn’t even begin to describe the situation at hand for me. There’s only one word that can describe this market. I can’t say it here so I’ll go for a synonym right now, broken. Buyers are nowhere to be found while the sellers are everywhere. Just when you think it can’t get any worse, it does. Even tonight while I’m putting this together the Chinese market is dropping again. This sort of worldwide equity selloff to kick off a year hasn’t been seen since…well, ever.
I get more hopeful the deeper we get into selloffs because eventually that bad boy has to turn around. The market approaches levels of support and you know that one of these days eventually the tide will turn. So when most people are at their most miserable is when I’m out there shopping for bargains. Even today I stood in and bought calls on the small caps. Triple leveraged. Weeklies. I’m a madman, I know but I told you I’m a gambler. If it turns around tomorrow into Friday I’m eating lobster and drinking the good stuff all weekend. If it doesn’t, hell everything else is going down so who cares?