And the morals that they worship will be gone
And the men who spurred us on sit in judgment of all wrong
They decide and the shotgun sings the song
Sitting in my afternoon with my partners, I couldn't help but marvel at some of the prices that were flickering across the screen. When we used to sit in these meetings, there were sectors, sub-sectors, sub-sub-sectors-and they all moved! Nowadays, a lot of these groups have simply ceased to be and despite our efforts to trade more stocks and less market, it's becoming a more arduous task. Don't get me wrong, the stories are still out there...they're just harder to find.
The financials caught a bid on the heels of the Citigroup story and the tape is firming in response. Despite the fugly internals this morning, the market held its own and traders are taking that as a constructive signal. I've been fighting the good fight with Boo and leaning against a tight S&P 910 stop (cash) and I won't hesitate to undress (from my bullish imagery) if it's triggered. Trading is a function of time and price and the reality is that stocks may not be ready to reverse yet. There remains strong overhead resistance at NDX 1070 and S&P 925 but we'll jump off that bridge when we get to it!
The weekend risk remains mostly geopolitical although Willie Comdex and LOW earnings will already be in motion by the time the opening bell rings on Monday. During the day, there will be a steady diet of news flowing out of Vegas and Lehman so rest up and come to play. There are only six weeks left in the year and two of those are going to be holiday thinned. We've got to make hay when the sun shines and the weather forecast is far from certain. It should be interesting.
I've got to toss my other hat on and focus my attention on our pin risk and option exposure. IF S&P 910 (cash) triggers, I will undress the metaphorical bear costume and put it in the closet. If not, I will wear it home and deal with the funny looks from the people on the street (it won't be the first time!).
Thus far, this foray into our imagery hasn't been my best foot forward but we must take the good with the bad. Many things in this world are beyond our control but if we conduct ourselves in a matter consistent with who we hope to be, chances are we'll like where we end up. Good things generally happen to good people and they usually happen for a reason. Take care of the minutes and the hours will take care of themselves.
Have a peaceful weekend.
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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