The below from Next Investors will cheer you up dpooh:The low...

The below from Next Investors will cheer you up dpooh:

The low point for us was seeing one of our largest recent winners Galileo Mining (ASX:GAL) spike to a low of $1.055 on Wednesday this week, down from its recent highs of almost $2.

Prior to the drop on Wednesday, GAL was doing nearly all the heavy lifting in softening our paper portfolio losses from the last few months.

Even though GAL was up ~1,000% we haven’t implemented our de-risk plan yet because we believe there is much more to come in the next few months.

Seeing GAL spike down brought home the reality of just how much our overall Portfolio value is down (at this moment) in the current market down cycle.

It tested the resolve to hang on to all positions through this weak patch in the market.

Thankfully, GAL finished the week strongly, edging up on Friday to close at $1.30.

We think the share price action on GAL is symptomatic of a shift in psychology playing out in the market right now.

Namely, we think “sell in May and go away”, followed by tax loss selling in June, may be starting to give way to some bargain hunting on oversold companies.

Combine that with a very recent shift in the global mood too.

It’s far too early to say for sure, but the sellers look to have dried up a bit lately and we have seen across the board how even just a little bit of buying interest can generate big moves.