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 live...at 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 bearish....do 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 trading...as 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.
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.
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.