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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.
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.
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.
✅always look at the charts
✅always follow the price action
✅and always keep an open mind