From our family to yours, happy one year anniversary!
Going where the wind don't blow so strange
Maybe on some high cold mountain range
Lost one round but the price wasn't anything
Knife in a back and more of the same
Young Fokker, fresh from the swing set, just sat back in his chair, put his hands behind his head and said "Look at this market." Gee, Greg, ya think? The afternoon flurry picked up in a hurry and, once the tape was set to escape, the short covering picked up in pace. Those thrown towels, coupled with a spate of mutual fund buying, was enough to call young Boo's bluff.
The internals were the early clue to the upside zoo and, during the session progression, the financials assumed the leadership baton. That's brought daddy's nemesis, BKX 900, back in play and spurred the S&P back to the acnefest level (1015). If she's got legs, ZZ Top, the piggies will likely lead the greed. Watch this name carefully in the days ahead for signs of slippage/traction.
In the "just so it's said" department, we're still in the official preannouncement season so give your book a once over before you hit the door. During (after) days like this, it's easy to be breezy and let your risk profile widen. As Professor Succo so eloquently stated, there are two sides to the trade equation and longevity is a function of both risk and reward. If you had a great day--or a horrid one--toss the ball back on the mound and jog to the dugout. The top of the order is up in the morning.
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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