A few weeks ago (as subscribers know) I made some substantial sales and raised cash for the account. Even though I’ve since deployed a fair chunk of it there’s still a decent amount of dry powder left in the account, waiting for a trade and a new home in junior mining equities.
So why am I pissed that the mining sector continues to sell off? Sure I’m still net long and would prefer investments to rise in price rather than fall, but the chance I’m currently enjoying, that of waiting and buying in at even lower prices than today, should be something to celebrate. The only people who should be truly annoyed at the continued drop in miner shares are those that are already fully bought in and bemoaning their trapped status. I caught myself feeling crappy about the market this morning and once the reflection was in, realized that I’d been that way all week and that, ladies and gents, is my lizard brain at work. Not good for sound investment strategy, that part of the brain.