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You have to learn to pace yourself
You're just like everybody else

(Billy Joel)

As I alluded to in today's Randoms, I have more meetings this week than the J-Date server. I know that doesn't appease the worthy Minyans in our midst but I offer that vibe with three intentions. One, we're in the midst of some powerful behind the scenes action that will abate in the next few weeks (patience please--this too shall pass). Two, this particular post will be somewhat terse and void of wit or wisdom (there's your window Mr. Macke) and lastly, I wanted to offer a quick update on my posture.

I eased a leg into my metaphorical bull costume this morning (25% conviction on the long side) as a function of BKX 100, defined risk (S&P 1175) and a sense that Hoofy was due. Since that time, over on the Buzz, I "rolled up" my stop to Friday's high (S&P 1185ish) to redefine my risk/reward dynamic and remove emotion from the equation. As it stands--or as I stand, as the case may be--I'm gonna hop home with my leg in the bovine suit. I am doing that with the understanding that gap risk exists, NDX 1580 is resistance and my big picture bent remains bearish.

Int'l Business (IBM), Motorola (MOT) and Yahoo! (YHOO) will paint the tape after the close and a trifecta either way will shape tomorrow's opening. And again, while we're all yearning for earnings, we must remember that fundies are just one leg under the minxy table and exogenous risk exists. In particular, I remain concerned that "something," coupled with the overt complacency, has the potential to tip the scales rather violently. That's why my risk is defined and my discipline is constant.

Gotta hop if I'm gonna get this out by the bell. I sincerely hope that you coined a few shekels today and--if not--that you've got the balance and perspective to know that tomorrow is a brand new day.

May peace be with you.


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

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.

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