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Achtung, Baby!

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She's slippy
You're sliding down
She'll be there when you hit the ground
It's alright, it's alright, it's alright
She moves in mysterious ways

(U2)

Oh jeez, here we go again. Boo just walked out of a smoke filled conference room wearing a spankin' brand new Philip Buchanon Raider jersey and singing this classic U2 ditty. First of all, my furry little friend, I can't understand you with a mouth full of Twizzlers. Second of all, if I'm gonna teach you anything, it's the value of humility and the ability to smooth the emotional variance. Don't let yourself feel too good when you win and don't beat yourself up too badly if you lose. It's a marathon, not a sprint, and you need to pace yourself.

The N's over S's dichotomy (NASDAQ out performance of S&P) continues through the early afternoon despite the continued traction in the drugs and soft goods. Historically, these groups have offered a "safe haven" during times of turmoil, but consistent with the notion that bear markets offer no place to hide, they too have had their share of problems. Still, under the "big picture is made up of many smaller pictures" thesis, it's worth noting their outperformance today.

It's entirely too early to pen the script for the rest of the day, but I will once again ask you to peek at the internals before committing sizable capital. One of things that caught my attention during the lunch pop was the inability of the breadth to improve despite the Dow being up triple digits. That is what we'd call "non-confirmation" in trading circles and, in my humble opinion, is a flag. As this platform was created an educational forum, I wanted to pass along my trading "eyes" with hopes that it adds value to your process. This doesn't mean there "can't" be a rally (we are certainly due), but successful trading is about stacking the odds in your favor before assuming risk.

On a housekeeping note, and in response to the numerous queries, we will be posting the archives of previous columns and a dictionary of terms shortly. Keep in mind that this is an interim site...the updated site is scheduled for December 3rd and will be entirely more "functional." In the meantime, we'll do what we can to make your Minyanville experience as enjoyable as possible and humbly ask you to throw the critters a bone by spreading the word.

Hope this finds you well.

R.P

No positions in stocks mentioned


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