And the clowns all gone to bed
You can hear happiness staggering on down the street
Footsteps dressed in red
And the wind whispers Mary
The afternoons getting thinner and Toddo's getting Laaaaarger! What is it about slow afternoons that make you want consume mass quantities of food? Actually, that may not be a fair assessment...I don't think there's a time that I don't like eating! Hey Martin, how about taking a McWalk down the McStreet and grabbing me a McShake? McWasabi!
The first upside attempt didn't have the juice to push through the higher end of the gap (S&P) and the tape was started to waffle a bit. While I continue to trade around a bearish thesis, I'm objectively conscious that one day does not a market make. The ebb and flow of the rising tide dictates steps in both directions and with the trading ranks thinning with each tick of the clock, the action will only get choppier as the weekend approaches. If you're gonna swim in these waters, cookie, keep an eye on the shore--these are shark infested waters!
The most bullish action I see today is the traction in those frisky retailers as they've historically been a decent proxy for consumer sentiment. I'm not really involved in the group, but one would think that they'd trade off (read: lower) on the softer consumer confidence number. Just goes to show you, the Minx works in mysterious ways! Not much else is going on (yet)...we saw some sporadic macro flow (both ways), the internals have improved ever so slightly and JJ's mumbling about something in the corner.
Meanwhile, it seems as if we've got a little party going on in south Florida tomorrow and I'm looking forward to it. It's always good to put a face to the name although I will tell you that the last thing I want to do is talk about the market. If you're thinking about coming down for financial advice, please remember that Minyanville is an educational platform and we don't do that here. If you want to kick up your heels, crack open a cold brew and talk turkey-I'll see you tomorrow.
Hope you're hittin' 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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