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 firstname.lastname@example.org.
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.
Get The Minyanville Daily Recap Newsletter
Stay current on financial news, entertainment, education and smart market commentary.