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Ah, the classic "Whac-A-Mole" game.
We can all undoubtedly recall a time when we went to the arcade and played it. And it serves as the perfect analogy for the current market.
Recently, every time we felt like it might be safe to stick our heads up and look around – WHAM! – down came the hammer, and the selling began again.
It has been a while since we have seen this type of selling persistence, and some folks I talked with during the past week were getting a bit edgy about owning or buying stocks.
"Straight up" has been the path for the better part of the decade and "buy the dip" has been an infallible trading strategy. So, naturally, the latest turn of events has left a mark on some people.
If you bought big on the first dip back in September, you have been hammered a couple of times now as prices just continued to fall. Every rally attempt was met with still more selling, and it stings a bit.
I'm sure a lot of people experienced a first in their lifetime, even in the past month, as those who were long with leverage received their very first margin call.