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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


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 todd@minyanville.com.

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.

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