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Crosby Stills & Mash

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Helplessly Hoping, her harlequin hovers nearby
Awaiting a word
Gasping at glimpses of gentle true spirit
He runs, wishing he could fly
Only to trip at the sound of goodbye

(CSN)

I like to say that when trading, it's not necessary to play every move--it's only necessary to have a high win percentage on the moves you choose to play. Often, when we're mixing it up with the minx, it's not always easy to see the forrest through the trees. Indeed, when you're as close to the action as I am, sometimes you can't even see the trees through the trees!

We often strive to identify the "easy" trade of the day and capture that move. From 40,000 feet and looking at today's price action "that" move was the first test of our S&P 775 level when sentiment was drekky and the shorts were pressing. For many...or should I say for most, this type of approach is entirely too granular and for good reason. Without lightening quick execution and "lazer" precision, you're at a natural disadvantage when playing that game.

My point, and yes there is one, is that you shouldn't read too deeply into one day's minutae. Yes, the market held that magical level (so far) and yes, the action in the banks is constructive, but warning signs remain. How you position yourself and the risk profile you assume is completely subjective.

Take a deep breath and remain lucid. Sobriety should not be a function of necessity.

Good luck.

R.P

Short Spy


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