Editor's Note: Todd posts his vibes in real time each day on our Buzz & Banter.
What are my thoughts on the tape today? Pretty much the same as they were yesterday, so out of respect for your time, here they are!
What can I add to those vibes? Glad you asked; in no particular order:
Following a few early jitters, the tape did its best to digest yesterday's move and keep the Santa Claus rally front and center in the minds of fund managers suffering from performance anxiety. Mr. Bernanke did his part, offering that solving the Fiscal Cliff may
lead to a "very good" year.
True dat, Ben; I would add that if I solve my sleep-eating habit, it may
lead to a much smaller waistline. You think I'm kidding? I consumed a can of chocolate frosting the other night and used Oreos and Chips Ahoy as my makeshift spoon of choice. I kid you not--it wasn't pretty.
Turning back to the tape—warning, this writer makes wide right-hand turns!—the bulls will argue that yesterday was a healthy digestion of Monday's gap-and-go while the bears maintain it's a churn in the context of (technically negative) lower higher and lower lows
. Price will prove to be the ultimate arbiter of variant financial views so see both sides; always see both sides.
While I don't foresee swinging a big risk bat today, I'm a seller at S&P
(INDEXSP:.INX) 1400 and a buyer at the intersection of S&P 1350 and BKX
(INDEXDJX:BKX) 47, both for a trade. A disciplined and profitable approach dictates we identify a high quack count (when trading tells align) and that will be all the more important on this holiday-thinned session.
Watch the financials (Goldman
(NYSE:JPM) and Deutsche Bank
(NYSE:DB)), the high-beta realm (Apple
(NASDAQ:GOOG) and Amazon
(NASDAQ:AMZN)), market breadth, and the tenor of the commodity space, for starters, define your risk and remember that discipline must always trump conviction.
Tomorrow should be about big birds, pigskins, and a timely release of the proverbial top-button; don't make any financial decisions today that will get in the way of our mantra to "work to live" rather than "live to work"! Be good to others and better to yourself; you deserve it.
Meanwhile, it's been an extremely interesting year (per the random thought on the bottom of this article
) and I'm looking forward to tying up number of to-do's before I take my honeymoon over Christmas break. That means concluding 2012 business, mapping 2013, and trying to make a solid statement for the right reasons. If you're "with me" on that final point, let's discuss it over some ribs and a few cold ones in 16 days!
Good luck today!
No positions in stocks mentioned.
Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at firstname.lastname@example.org.
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