An irreverent Wall Street Blog

For Over, Under, Sideways, Down Markets -- Hold On

September 2, 2015

To say that the last week has been a tumultuous one for the stock market would be an understatement.It's been over, under, sideways, down and one hell of a gut-churning ride, with more twists and turns ahead. Y'all enjoy yesterday's plummet? Sort of reminds you of the old Yardbirds with the comings and goings of guitarists Eric Clapton, Jeff Beck, and Jimmy Page. The world was coming to an end when Eric left and was replaced by who? When Jeff moved on, we knew that we were never going to find the likes of another Eric or Jeff -- Jimmy who? All of which reminds us of the power of creative destruction and the need to embrace change, even if it's scary. So, enjoy whatever the next several tradings sessions may bring.

By today, a lot of trading desks are being manned by the kiddies as the Head Traders and their Number Ones are on the way to start a much needed Labor Day vacation. The markets may be burning down but the fire brigade is pretty much out of water and missing buckets for the rest of this week. The standing instructions on Wall Street for the next few days are 

No, you don't have a capital commitment to play with. 

No, you can't add to any positions. 

Yes, you may liquidate after you get my okay -- assuming that I have a signal at the beach and am not passed out from shots of tequila from last night.

Maybe we get a relief rally today? Maybe another dead cat bounces? Maybe it's all a head fake and we start out with promise only to have our hopes dashed by the close? As Brittany Howard of Alabama Shakes wails from some deep, amazing place in her soul: You got to hold on when the world ain't treating you good, you got to hold on when everyone looking at you funny:

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