Singin' the Blues
Has anybody else noticed that the Dow Jones topped out three years ago to the day? (thanks Dan!)
Jake and Elwood Blues stopped by Minyanville (on a mission from God) to let us know that they're putting the band back together! That's music to our ears, boys, but before we start singing show tunes, we've got some serious decisions to digest. As the slick siblings were sizing up Daisy, I interrupted the festivities and asked Jake (who's playing the long side) if he's defined his risk
"No, I didn't." he began, "Honest. I ran out of gas! I had a flat tire! I didn't have enough money for cab fare! My tux didn't come back from the cleaners! An old friend came in from out of town! Someone stole my car! There was an earthquake! A terrible flood! Locusts! IT WASN'T MY FAULT, I SWEAR TO GOD!"
Whoa, settle down convict, you don't have to make excuses! Minyanville isn't an advice site, it's an educational platform, and our goal is to add value to your process--not tell you what to do. There are a plethora of styles and a bevy of horizons among our merry Minyans and, as such, it's impossible focus on one single approach. You'll always get our honest read and best intentions--along with a daily dose of levity!
This morning's early action is (orange) whipping the averages about as traders faded the fade's fade. There are buy stops above S&P 930 and the good 'ol boys are shooting for that level. It's not actionable, per se, but when you're actively involved in the daily nuances, you should know what other players are focusing on--and now you do.
It certainly feels like everyone is awaiting Intel and while that remains a focus, I would urge you to keep half an eye on the greenback and crude (as a war proxy). Trading is a curious game sometimes and IF the tape slips from here, the press will assign reason to the rhyme. For purposes of our jobs, it's not enough to explain why something happened--we have to get in front of the curve and remain proactive.
As it stands, the tape is in waffle mode and the tone is (thus far) constructive. While everybody seems intent on pointing out the hefty gains in many of these issues, I would like to (once again) remind you that the most vicious of rallies occur in a bear market.
Meanwhile, It's 106 miles to Chicago, we've got a full tank of gas, half a pack of cigarettes, it's dark and we're wearing sunglasses. Let's get rockin'!
I hope this finds you well.
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 email@example.com.
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