What it is
Take my hand child come with me
It's to a castle I will take you
Where what's to be, they say will be
Well, I suppose you live long enough and you see everything. Boo just hopped out of his cot, unslung his sling, bounced up to the trading desk and put his arm around me. To be honest, I'm in no mood for his antics as I'm still feeling fluish and that shot yesterday didn't help. Fair warning: The dentist told me no food and no water tomorrow in front of the yank and, if I'm this cranky with food-watch out Martin! Hey...as a matter of fact, all of my traders must fast tomorrow!
The process continues, although it remains unclear if this is a topping process or a consolidation process...or both! I told Boo he can come home with me but, as is my style, I'm incrementally less bearish after a selloff like this. I'm still of the belief we're waffling through a short-term topping thing but today's action, in and of itself, resolves nothing. The pundits will assign rhyme to the reason, citing Iraq or Household, but the simple fact is that they were tired. They went up too far, too fast and they needed to rest. I can relate!
My sense is that, at the very least, the sector bases need to go down and test their support levels. What I'm trying to find out (and I don't think I will) is whether those pesky allocators (asset allocators) are cleaned up. If (big if) they are and that bid is removed from the market, the supply/demand equilibrium (and sentiment) will shift rather sharply. Please understand, I have no edge in gaming this, but it's been a big driver of the price action and it warrants a mention.
While I have you, I wanted to thank everyone for the fantastic response we've received to date. We've put a lot of elbow grease into the site and it's great to see so much excitement. The critters are pumped for the December 3rd launch and we know that, without you, we're nuttin!
I'm gonna give myself an early reprieve as I've got a hot date with some Nyquil and a good book. I'll be at my post tomorrow morning before I have to scoot to see Mr. Pliers. Turn off the ticks and go have some fun...you've earned it cookie.
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 email@example.com.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap Newsletter