If the Raiders win, maybe Toddo will stop being such a grouch!
Col. Hoofy R. Jessup just marched into my office (in his dress greens) and barked: "Son, we live in a market that has levels, and those levels have to be guarded by traders with guts. Whose gonna do it? You? You, Private Fokker? I have more responsibility here than you could possibly fathom. You weep for Boo, and you curse the allocators. You have that luxury. You have the luxury of not knowing what I know. That Boo's death, while tragic, will probably save lives. And that my existence, while grotesque and incomprehensible to you, saves lives. I know deep down in places you don't talk about at parties, you want me rallying the market, you need me rallying the market. We use words like discipline, internals and momentum. We use these words as the backbone of a life spent trading. You use them as a punchline! I have neither the time nor the inclination to explain myself to a man who rises and sleeps under the blanket of the very freedom I provide, then question the manner in which I provide it! I prefer you said thank you, and went on your way, Otherwise, I suggest you stamp a ticket and cover your shorts. Either way, I don't give a damn what you think you are entitled to!"
Whoa, relax sir, I STRENUOUSLY object to your tone! We're not ordering the code red (yet), we're only trying to wrap our arms around the price action! Yes, we see the internals (still 2:1 positive) and, sure, the tape acts fabu--but there are reasons to pause here. Sgt. Beeks will be swinging by tomorrow morning with the Unemployment Rate (exp.6.0%) and a host of other economic figures and that's gonna move the tape.
Also, please be aware that Micron and TXN are acting heavy and IF they turn the semis (lower), that will throw water on this rally. With each passing tick it becomes more unlikely that the tape fails but, hey, stranger things have happened. Either way, I know two things: I've defined my risk profile (via the stop) and the bottom tick of the lunch crunch coincided with Pvt. Fokker's mush. Hey--what's the rank below Private?
I've gonna grab a schnitzel with Lt. Cmdr. JoAnne Galloway so lemme hop into the commissary. I'll circle back before the close and letcha know what my "take home" posture is but, consistent with the aforementioned discipline, prudence likely dictates nakedness.
Are we clear?
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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