Badge of Honor
Bring it home, Minyans!
Yes, I told you that the light goes up and down.
Don't you notice how the wheel goes 'round?
And you better pick yourself up from the ground
Before they bring the curtain down
The crimson slide continues its ride as the bulls wonder what turned the tide. Was it the oil spike? The dollar squalor? Mutual fund concerns? Bold gold? My 1:42 tipping point? Not sure--but I know this: I've got the puffy eye thing going big time and it's only Tuesday! Hey Boo...gimme some of that caffeine!
The great debate is about to enter the new stage. Hoofy will argue that this is a healthy retracement and a little fear is bullish. Boo will counter that the loud thumps you're hearing is the sound of reality coming back to earth. Our leading tells--the internets, bunk banks, bad biotechs, bothersome breadth--support the latter..although it's impossible to be a bear and not constantly look over your shoulder for an Elmer attack.
While the Nazz has clearly broken yesterday's lows, the S-car-go's are trying to hold onto the branch. We've slipped pretty hard, pretty fast, and as such, there's always the risk of a Snapper shout out. The conditional elements (discussed above) don't support it but I've rolled my intraday stop levels down again (just in case). My longer term stuff is staying on as, oh yeah, we're still 25 handles from the top.
I'm gonna juggle hats and focus on the eight screens (and find some Visine). I wanna thank all those Minyans who've taken the time to email Adam and welcome him on board. I told him when he started that Minyanville was a family and I'm not sure he knew what I was talking about. Now he does.
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 firstname.lastname@example.org.
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