Greg Guenthner

“How is anyone supposed to make money in this market with stocks performing so badly last year?”

I was in Orlando in late January at a market technician’s meeting. One of the presenters opened up the floor to questions. That’s when an older guy busted out that gem.

And he was dead serious.

The collective response in the room was “what is this nut thinking?”

The S&P posted gains of more than 13% in 2012. Stocks were outperforming and this crank was complaining about an uncooperative market.

He’s got it all wrong. So do you…

It took me a while–but I finally compiled your responses to my big investing question: What are you doing with your money right now?

I expected to hear from a few nervous investors. But as it turns out, you’re much more fearful that I originally thought.

You don’t want any part of this market. And if you do own stocks, you’re looking for reasons to get out. Despite the market’s strong performance, you don’t believe there’s any money to be made…

Waiting and waiting for that “perfect moment” will have you buying shares at or near the market’s peak. A healthy bull market needs to climb a wall of worry. You have it backwards. You’re waiting for the worry to disappear. The only problem is that usually marks the top…

It’s clear you do not want to buy right now. And if you do have skin in the game, you told me your finger’s not far from the trigger. Famed technician Walter Deemer says it best: When the time comes to buy, you won’t want to.

You need to heed this advice. It’s easy to say, yet hard to put into practice. But don’t let that stop you from missing something big. If you don’t, you’ll end up burned like most investors: sold out when the market’s ready to run, and buying right when the rug’s about to get yanked out…

Greg Guenthner
for The Daily Reckoning

Greg Guenthner

Greg Guenthner, CMT, is the managing editor of The Rude Awakening. Greg is a member of the Market Technicians Association and holds the Chartered Market Technician designation.

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