This week I’ll focus on my top 5 tweets of the week. If you aren’t on Twitter yet, I’d highly advise you to do so. There are so many traders on there sharing free information, it is truly a game changer.
5.) David Shvartsman has a link to Martin Zweig calling the ’87 crash. Unfortunately, Mr. Zweig passed away this week, but his memory will live on forever. I talked about Mr. Zweig and some of his timeless investing advice here.
4.) Tradefast talks about rumors of a commodity hedge fund in trouble. If you’ve followed gold at all, then you know it has been crushed recently. Whether or not this is ‘why’ gold was lower, it is always good to know what others are talking about as why it is lower. Rumors can move stocks and commodities also.
3.) Speaking of gold, Michael Gayed noted how GLD was the biggest ETF in the world at the exact time that gold peaked. Talk about powerful stuff right there. Think about AAPL last year, everyone owned it and everyone loved it. Then it cracked. Gold is probably very similar. Everyone was investing in it and avoiding stocks, sure enough, it has significantly underperformed.
2.) The Real Fly congratulated everyone for turning short right at the peak and booked gains on their winners. If you know the Fly, then you know he is hilarious and worth the follow. But seriously, he brings up a good point. It is tough to know who you can follow and who you can really trust. The nice thing about following people on Twitter is you can see their views and you’ll know who is full of BS quickly.
1.) Scott Redler noting it isn’t worth rushing in to buy or short after the initial drop this week. This is so key. As traders, we find ourselves always looking for trades and sometimes we force trades. I’ve done it before and I’ll do it again. The key (as Scott notes) is letting things play out some and letting the best trades come to you. Sure, you’ll miss some along the way, but doing this will increase your overall trading performance.
And the bonus tweet of the week comes from Steven Russolillo where he points out today is the anniversary of the “Miracle on Ice”. With that, here is the classic Curt Russell scene as Coach Brooks, as he addressed the team before they played the Soviets.