That's My Pie!
This is my type of tape!
I was a lonely teenage broncin' buck
With a pink carnation and a pickup truck
But I knew I was out of luck
The day the music died
The morning tide continues to ride and the greenback (thus far) stopped its slide. I've gotten alotta feedback on whether the ECB is, in fact, intervening. Some smart hedgies are tellin' me it's true but savvy European Minyans I speak with are discounting it. One thing for sure, the dollar firmed, gold gave back its gains and once that happened, equities found a bit of traction.
Other than that, it's fairly quiet as we edge through the muck anew. Breadth is even, Steven, and most of our mainstay tells are plus/minus. We all know that S&P 1150 looms above (50% retracement of the entire bear scare) and, as with all "obvious" levels, the gamesmanship has already begun. How (and if) we get there will likely influence its impact so let's wait and see on this one.
The nonstop Hoofy hop is impressive and continues to weed out the bears. Psychology is a funny thing, particularly when it comes to a herd mentality, and the consensus (of further jig) is growing each day. The constant reassurance from Elmer, Dubya, Wall Street and Snapper is helping the cause and frustrating the peanuts out of Boo. Remember Mr. Bigglesworth? That's the new Boo--hairless, careless and soon to be dareless.
In Minyanville news, I want to thank trader Mark for his generous (and unexpected) pledge of $20,000 to the Ruby Peck Foundation for Children's Education. Gestures like that are truly humbling and reinforce my belief in what we're trying to accomplish. The greatest tribute I can offer my grandfather is to help kids and give something back. With guys like Mark, that dream has become a reality.
As always, 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 firstname.lastname@example.org.
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