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Sir Hoofy Wallace just marched into Minyanville, turned to the rest of the critters and said "Ay, trade and might die---run, and you'll least for a while. And dying in your deathbeds, many years from now, wouldn't you be willing to trade all these stocks, from this day to that, for one chance, just one chance, to come back here and tell our Minyans that they may take our profits, but they'll never take away our freeeedooooommm!"

Wow, I hear ya Hoofs, but Land, titles, power...they mean nothing. At the end of our trading day, all that matters is that our mechanics were sound and our profits are protected. Don't get emotional or stubborn in this tape, you'll get tossed on ye arse! Further, if you're sitting there right now feeling bullish, I mean bearish, I mean bullish, I mean yourself a favor and unwind your risk. I know you've sacrificed much, but as Robert the Bruce says, "Fighting those odds looks like rage, not courage."

Away from our much discussed tells of the day, it's important to note that those darn Utes are acting up again and, as of this post, the Utility index (UTY) has softened 6%. Again, I traditionally don't monitor this group closely, but when any component of the market is down that much, it warrants a mention. Also keep half an eye peeled as we approach S&P 775 as every technician and their sister is watching that level. And, at the risk of overt redundancy, watch those internals! They're getting worse, not better, as the day wears on. Remember, you can try anything when long as you're disciplined. I've always used the trading litmus test: will I buy my longs lower or will I add to my shorts higher? If the answer to these question is "no," use disciplined "stops" in your approach.

Gotta hop...the archers seem to be lighting up the arrows.

Fare ye well.


Long Spy

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