Come on, Toddo...where's the love?
She cuts you once, she cuts you twice
But still you believe
The wound is so fresh you can taste the blood
But you don't have strength to leave
Snapper just walked into my office, shot Fokker a dirty look and saddled up next to my desk. "Dude," he began, "are you taking crazy pills?!?" I know what he's thinking--and I know what you're probably thinking--what's the point of having daily tells if you ignore them? That's a good question and one that I won't hide from.
This is the thing--when I get "hit up" by 25 people telling me that I must get long in front of the $5 billion asset allocation program, it raises a flag in my mind. Sure enough, as that story makes the rounds, massive short scrambling started to kick in. I'm not saying that there aren't buyers, mind you, but I will say that the preponderance of the flow is futures led. Toss in the stochastic sell signals and, well, that's what I'm thinking.
With that said, and with total objectivity, the tape acts fabu (thus far). The breadth is steady at 3:1 and the leadership groups are holding their ground. Further, Europe has reversed course and is now firmly in the green. Obviously, we're the dog that wags their tail but it warrants a mention regardless.
Variant views are what makes a horse race, I suppose, and I'm conscious that Boo's view is very variant! I can only offer you my honest thoughts and, well, you must decide for yourself which path to walk. We have a big economic release tomorrow and, at some point, we could see a pullback as traders manicure their risk profile. Time will tell.
Meanwhile, back at the ranch, I must admit that I'm a bit scared of the Jet's this weekend. I'm a superstitious guy and when I've touted the Raiders in the past, they've gotten smoked. As such, I'm gonna keep my mouth shut for the remainder of the week and hope for the best. On Sunday night, one of those teams will be in the A.F.C Championship game and one will be playing golf. Hey Chad...ya need a caddy?
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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