On the importance of keeping an open mind

Back in March Helene Meisler @hmeisler shared this picture on Twitter and asked the question, "Where do you think we are?"

I took a glance and quickly typed the following response.

Andrew Moss, CMT 🚢 @Andy__Moss

@hmeisler I'd say we're just ahead of panic.

It wasn't a particularly well-thought-out answer. It wasn't meant to be. I took a very quick look, thought of the $SPY chart, and decided there was a likeness.

Here's what the $SPY chart looked like then.

It's not hard to see the parallels, in my opinion.

It was a pretty similar situation.

Bearish sentiment was rampant and good news was very hard to find.

And then....?

The $SPY rallied more than 10%

Now I wasn't making trades based on any of this. But as I watched it play out I realized it was becoming a very good example of change happening fast.

It is critical to have an open mind, a willingness to be proven wrong, and the ability to quickly change your mind.

So remember:

✅always look at the charts

✅always follow the price action

✅and always keep an open mind