Quote from Cutten:
This is a historic time, no doubt. I feel lucky and privileged to be able to trade these moves, even if sometimes I've been bruised like many others. In 20 years time, people will ask you about the Great Crash Of 2008, and you'll be able to tell them you lived through it, traded it, and (hopefully) survived it - maybe even made a big score. There is no doubt this is a once in a generation event.
Sadly once this is over, I doubt we will see another move like it for decades. There could however be one of the greatest buying opportunities of our lifetimes, possibly as early as next week, maybe in a few months, who knows. Or it could become the 2nd Great Depression and go all the way down to S&P 160 (for an 89% fall like 1929-32). I doubt that but you can't dismiss the chance entirely.
All I know is that when a market like this gets going, it doesn't stop until almost everybody who is long, every bear who recently turned bullish, every bottom fisher gets burned and feels enough pain to puke out. Only the die-hard buy & holders, and those in cash or short, will be able to withstand the move and then aggressively buy at or near the lows. I'm trying my best to be one of them, difficult though it is at times. Good luck and remember to buy a copy of the papers each day because in 20 years they will be worth quite a bit, not to mention the historical & sentimental value.
Fortunes will be made and lost within the next few trading sessions.
