I believe we’re at an important juncture. There are two types of traders. There are trend followers and then there are regression to the mean traders. We like to trade the trend but we also want to try and get in at the bottom and that’s what cycles and sentiment, the two tools that I use primarily to trade the markets, are pretty good at getting us in pretty close to the bottom. We do try and write a trend but we try not to buy at tops. We try and buy at the bottom when everybody else is afraid and when the narrative is that price can never turn and go back up.
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