The Whirling Dervish
The action didn't really do much to help our great debate as the tape continues to trade right around support. As I was writing this, however, my eyes wandered over to a chart of the S&P and I saw some dandruff falling from my screen! Upon closer inspection, I noticed a potential "head and shoulders" forming much like it did August/September. It's not "there" yet but if we continue to grind sideways, it's surely not a good sign for the tape. From a timeline perspective, it actually lines up with the potential preannouncement period in early December. Gulp!
On the UMV mascot hunt front, I liked Jerry, Martin and Minks (get it?)-but I didn't think Toad-O was very funny! Even so, the communication with the readers has been a big perk for both Casey and I. We've been putting a lot of elbow grease into this project and the interaction helps us remember why we're doing what we're doing. I believe in my heart that Minyanville will make a difference in people's lives by furthering the educational aspect of finance. The compensation derived from that knowledge can't be measured by dollars and cents.
I've gotta hop to listen to the rest of these calls (not good so far) but before I go, I wanted to mention the alternative commandment that I left out this morning. Simply stated, it's always a good idea to take time away from the tape and clear your head. Micro-focusing tends to cloud the judgment and clearing the mechanism is not only a good idea-it's a necessary element of successful trading. With the holiday season approaching, take the time to be good to yourself. In 10 years, you won't miss that extra week away from work-but you'll surely enjoy the memories of your time with loved ones.
Have a peaceful night.
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.
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