OK, I've got a dilemma and, as I pride myself on being honest, I must share it with you. When speaking of the five greatest rock bands of all-time, you clearly must start the list with The Beatles (out of respect). That said, the remaining four spots should include (in no particular order) Led Zeppelin, The WHO, The Grateful Dead, The Rolling Stones and U2. Problem is, that's six. Who do you kick off the list? No, I'm not digressing from my day job(s), it's just that this question actually kept me up last night---which is gorgeous because I don't have enough stress in my life!
Back to life, back in reality, the dichotomy that is this market continues to offer mixed signals. Hoofy will point to the traction in the financials and the fact that the bank index (BKX) hasn't "come in" (read: come for sale) all morning. Boo, meanwhile, keeps pacing back and forth behind me whispering under his breath "Semis!", "Cisco!", "Reality!" Man, will somebody please give that bear a sedative!
The internals, for the most part, are noncommittal as they're pretty much even steven. Quite honestly, it feels like a tape in headlights---and the buyers will likely step at higher levels and the seller will probably boot at lower levels. That's classic reactive trading and it's a dicey approach, in my humble opinion. I've always been of the belief that successful trading is a function of having a view and juxtaposing that view against the market's landscape. This way, you can approach the price action as an opportunity rather than a hindrance. And, so you know, not having a view is a view in and of itself.
It's still very early, my friends, and you must make decisions based on what you "see" and "feel" now---and not look back and beat yourself up later.
Hope this finds you well.
No positions in stocks mentioned
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.
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