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 firstname.lastname@example.org.
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