Hugs and Plugs
When are you gonna learn, Snapper, don't count your chips at the table!
Well, you've heard about love givin' sight to the blind
My baby's lovin' causes the sun to shine
She's my sweet little thing, she's my pride and joy
She's my sweet little Daisy, I'm her little lover bull
(Stevie Ray Vaughn)
Wasabi Stevie Ray! It's been a long time since you've graced Minyanville with your sweet serenade and you've got the critters bouncing to the beat! If you're unfamiliar with the classic sounds of SRV and Double Trouble, do yourself a favor and hightail it over to your favorite record shop and pick up a C.D. He was taken before his time but, thankfully, his legend lives on through his music. Trust me on this one...you won't be disappointed.
Meanwhile, my new I.T guy (who happens to be French) is beside himself after my earlier comment about France's "military" support. Relax Pepe, it was said in jest--the last thing I would do is stir the pot before my systems are all set up! I'm a big buyer of your country...french toast, french fries, french kiss--it's all good, monsieur!
Back to life, back in reality, the chasers got plugged on the post-Dubya spike and the Minx is currently deciding how she wants to end her day. As you know, the internals never confirmed the rally and that was largely the basis for my short-side schnitzel. The market acts great--there's no denying that--but I'm gonna stick with my paltry 25% as long as the BKX stays under 800. The caveat to that approach is that every technician in the world is focusing on that level and, invariably, stops are set above it. IF they're elected, you could see a pop...but you'll also take out that level of demand. Saucy, eh?
The Morgan Stanley Technology and Solly Media conferences continue tomorrow and those, along with a handful of earnings releases, will dominate the catalyst parade. The bulls seem to have the mojo and we must respect the potential for momentum but, if we've learned anything in the past few years, it's to sell hope and buy despair. When will I stop doing that? When it stops working, cookie.
Another session is (almost) in the books and there's a lot of reasons to smile--and it has nothing to do with the stock market. Remember how you felt post 9/11 when you heard the voices of family and friends? There's a difference between living in the past and learning from it--so please don't take the time we have with family and friends for granted. As Ruby used to say, time is the most precious commodity. Work to live--don't live to work--and do something fun with someone you love tonight. That's what's it's all about, my friends...everything else is just gravy.
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.
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