The Heimlich Maneuver
And when Hoofy comes home he never gets no rest
'Cause she's playing all night and the music's all right
Mama's got a squeeze box, Daddy never sleeps at night
Boo just walked out of my office to see what was going on and he sounded like Cindy Brady! I hear ya buddy...this can be a humbling business sometimes. Still, I would urge you to keep your wits about you as emotional decisions always have a way of coming back to haunt you. It's a game of longevity and if you feel like your angst-o-meter is redlining, adjust your profile accordingly-but don't make panicked decisions.
I've been scouring the street looking for the real buyers and I just don't see it on the cash desks. With the bonds slipping, there's been chatter of an allocation (out of bonds, into stocks) but again, my best efforts to locate it have come up short. I am seeing a truckload of covering as it seems the short-side seeds were planted the last few days (look at the semicaps), but that's really it. I know, I know...somebody's buying...but I can only tell you what I'm finding.
It's get up or shut up time for the NDX as the 1070 level is within spitting distance and it's become a focus on the trading desks. As I said this morning, I sensed they needed to take 'em higher first-buy I'd be lying if I told you I expected this. I'll be right sometimes and I'll be wrong sometimes, but you'll never hear me talk out of both sides of my mouth. It's the difficult times that define one's character and, well...we've got the whole Menagerie here today!
I say that with half a smile as I've been doing this long enough to know that you've got to take the good with the bad. If you're feeling the heat, get up and look out the window and gain some perspective. Holding onto the handlebars too tight will make your ride much bumpier and more accident prone.
I've been debating whether to slip an arm into my bear costume (to make 75%) BUT I'm going to count to 100 backwards (by primes) first. This way, I've got some decent ammo if they run 'em into the bell and if (by chance) they reverse 'em, I'm there anyway. Besides, my aggregate S&P level is 905 (on the costume) and I've always been wary of doing too much in one spot.
Sorry for the chill that's blown through Minyanville today...those darn weather patterns can be unpredictable at times. I sincerely hope you're making a coupla shekels and, more importantly, have had a chance to smile.
I'll be bah-hak.
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.
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.
Daily Recap Newsletter