Trading from Del Boca Vista
Well I'm southbound, baby, Lord I'm comin' home to you.
I got that old lonesome feeling that's sometimes called the boos
Jeez, are you guys eating too many brownies out there? Out of the entire readership, only MMeroll1 nailed it and correctly identified 33 references to the Grateful Dead in this morning's first post. Congrat's on winning a free Minyanville fleece! I have to admit, I had fun writing that one-but I'm even more jazzed to listen to the music tonight! Something about a show...it never mattered how much you make or where you work--it's just about smiling and dancing. Life should be so simple!
Speaking of dancing bears, Boo seems to have awakened from a painful hibernation and as the S&P has breached the 925 level and is currently probing the gap from last Thursday's opening. The consumer confidence (slightly worse) and housing starts (slightly better) pretty much washed but the tape started slipping at 10am regardless. The banks, in a continuation of yesterday's theme, are weighing on the broader tape and I continue to feel that this is the most important group in the market. However, in the interest of objective observation, it's also worth noting that the retailers are acting relatively dry.
A check of the morning breadth shows losers trumping winners better than 2:1 but I will once again offer that it's whisper thin out there and only getting thinner. I should be so lucky! My point is, pressing and guessing is a recipe for whippage so if your toin cossing today, turn off the screen and crank up the tunes! For my part, I'm picking and nibbling as a function of discipline as I continue to trade around my short bias...although I have noticed my stochastics giving sell signals across the board.
The people have spoken and the schnitzel is on! I'll meet my southland friends tomorrow at 5pm in Boca for a beer and a giggle. Bucky just asked me why I would take one of my few vacation days and talk shop and I explained to my paunchy sidekick that it's the people that make this whole thing worthwhile in the first place! Besides, I don't consider a beer with my friends to be work-that actually sounds like the most fun I've had in a long time.
As always, I hope this finds you well.
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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