Coming to Minyanville
Prince Akeem and his trusty sidekick Semmi stopped by Minyanville (on their way to Queens) to pick up some McDowell's and get a read on today's action. Greetings, fellow goat herders, and welcome to our humble little town. I'm not sure whether to shake your hand, kiss it or bow-so I'll err to the side of caution and say Wasabi! Take a walk with me (watch the rose petals) and let's see what the critters are up to.
The horny bulls are giving the tape an upside test as the "cant get 'em down" chatter is starting to get loud. Again, the most bullish aspect of today's action is the banks and semi's, Semmi, and you can almost hear the bears getting antsy. Keep in mind that KLAC will be presenting later at the Lehman Brother's conference and what they say will likely color psychology for the group. So you know.
The internals have yet to confirm (the upside) but we've still got three hours left in the day so stay on your toes. They say that there's a fine line between love and nausea and Boo is tiptoeing that tightrope right now. Remember, there are trades for the day and trades for a thesis-so identify your horizon and remain proactive. The goal is to view the price action as an opportunity and leave the emotional decisions to the pressers and guessers. Stay true to your process, and everything else will fall into place.
Now, if you'll excuse me, I've gotta hop as the royal bathers need me in the other room. As always, I hope you're hittin' 'em straight.
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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