The Scare Bear
If you keep calling Daisy out, you're gonna have to deal with me!
Boo, who's been spending most of his day asking Fokker if the fog has lifted, just pulled up beside me and asked me if I'd like a glass of warm milk. I know, I know....I'm guilty of premature evacuation (on that bear leg) but nobody ever went broke taking a profit. I still have one leg in my suit (25% conviction on the short side) and, once I digest tonight's catalysts, I can always dress back up (or down). What if I don't have the chance? Well, opportunities are made up easier than losses.
Slaino just walked by and marveled at how resilient the tape is and he's right. While the market has gotten clipped a bit, the predominant fear is still focused on missing the upside. That's been an ominous sign these past few years but, as it permeates, it can potentially be self-fulfilling. While one can argue that the tape acts dry in the face of spiking crude and gold (not to mention potential war!)--think about it--there's a LOT of reasons the market should trade lower.
As we ready ourselves for the earnings avalanche, I urge you to think about your relative edge. Remember, there's no mandate that says you've gotta trade every catalyst and if you're toin cossing, give it a rest. MSFT, EBAY, IBM, SUNW and JNPR will highlight tonight's after-hour action and GE will (hopefully) bring good things to light in the morning. Lest we forget, Monsieur Beeks will also be dancin' in the morning sunshine with the orange crop report, Industrial Production (exp. .2%) and the Charles Woodson Confidence number (exp. 75.7). In other words--there's a lot of moving parts involved and risk is high. I repeat, risk is high.
All good things in all good time, fellow Minyans, as we inch our way through another year. As you might have guessed, I'll be heading west to support my Silver and Black in their quest for the Superbowl. I'm not taking the Titans lightly--there's a lot of Raider fans suddenly and that scares the sprinkles out of me. Regardless, I'll be loading the critters into a van tomorrow (a bit before the closing bell) and heading to the Hole.
More importantly, and at the risk of sounding trite, it's January 16th 2003. There will never be another January 16th 2003 in our lifetime so don't waste it stressing about the flickering ticks. Get away from those screens, clear your head and find some smiles. Everything else is fluff.
Have a peaceful night.
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.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap Newsletter