For those of us on the sidelines, what is the right play here? We each have our own time frames, but to swing correctly at the next pitch (as tof put it last night) requires the right frame of mind.
If you're an individual investor, the correct count is 1-0. If trading is an endless game played over a lifetime, then there are no 'strikes' assigned to pitches you step away from, even if they sail over the strike zone. In fact, the count might well remain 1-0 for a long, long time.
In contrast, if you are a fund manager, the correct count for having missed yesterday's run-up is 0-1, as you are assigned a strike for falling behind the benchmark. Which may explain why fund traders chase prices.
The right move for me right now would have to be tapping both cleats with the bat while waiting for someone to dust off the plate. No point in jumping in until emotions ebb.