Watch the German DAX overnight...it'll tell the tale.
There's talk on the street, it sounds so familiar
Great expectations, everybody's watching you
People you meet they all seem to know you,
Even your old friends treat you like you're something new
The biggest story on Wall Street yesterday had nothing to do with flickering ticks or Presidential speeches--it had to do with the newest face on the buy side. Jordi Visser, my best contact and staunchest trading ally for many years, announced his resignation from Morgan Stanley and intends to launch an asset management concern.
Imagine my surprise when, in the middle of my afternoon meeting, Jordi (known to readers as Jodi the options maven) popped his head into my office and said "Wasabi Toddo!" It's always great to see friends with a smile on their face and I could tell right away that he's psyched and raring to go. Good luck, big guy--good things happen to good people and, as such, you're gonna shine!
I was watching the NDX with one eye during my klotch and noticed that the techs were "doing work" at our 1050 level. As I discussed in my last post, there's handful of reasons why I'm keeping my right hand up and I don't think I need to go through them again. On Monday we talked about how markets that are up all day usually end that way and, naturally, that phenomenon works on the downside as well. I've had Fokker and his girlfriend (Martha!) watching the BKX, SOX and internals for any hint of turnaround but, thus far, they can't seem to find their legs. Of course, a buy program could come in and flummox everyone (stranger things have happened) but probabilities don't warrant a Snapper cameo.
The conference schedule continues in full force tomorrow with Solly's media fete, Merrill's service's party, RBC's storage gathering and Needham's tech gig. We've also got retail sales tomorrow and, as this group is a proxy for consumer sentiment, we'll need to pay close attention to those numbers. I'm being told that they're crowded but, in the interest of full disclosure, please know that I'm not involved. Finally, those blokes across the pond (Bank of England and the ECB) will be hitting the tape pre-opening with their rate decision.
I'm still hopping around with 25% in my metaphorical bear costume (25% conviction on the short side) and I am likely going to go home that way. I know, cookie...you're never short enough (or too long) when they go down but don't waste your energy with wouldas, couldas and shouldas. Shake it off, focus on the days ahead and think positive--it'll all work out.
Pepe and his techies are setting up my screens on the close so this will likely be my last post of the day. Tomorrow will bring fresh opportunities so get your rest and come to play. A'ight?
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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