Shine on you crazy diamond
Now there's a look in your eyes, like black holes in the sky
Shine on you crazy diamond
A reader asked me how he'll recognize me tomorrow night for our south Florida gigglefest and I explained that I'll be the guy walking around like Geoffrey Rush in Shine! I mean, seriously, is it any coincidence that most traders are A.D.D? By definition, we're juggling more balls than a clown, trading more ticks than a dog and watching more screens than Siskel and Ebbert! Hey, HIM doesn't like it when we talk like that!
The frenetic afternoon action (yes, I'm kidding) continues to slip and Boo just hobbled by (still on crutches) and asked me what was going on. Man, it sure is strange how he only shows up when the market is lower, eh? Hey Boo, even a broken clock is right twice a day!
Speaking of which, we're starting to approach the point when we must ask ourselves about our metaphorical imagery. As it stands...or, should I say as I stand, I've got three appendages in my bear costume (75% conviction on the short side). I've always been of the belief that you shouldn't have risk on when you're not at your turret and, as such, I must ask myself an honest question: What's a Toddo to do?
I can't shake the feeling that there is further downside risk to the tape and trust me when I tell you I've tried! However, as I won't be here to fight the good fight and this last little schnitzel was a profitable one (baby steps), I'm going to humbly edge my arm out of my bear costume and attend tonight's show with two legs in the bear (50% conviction on the short side) and two arms in the air. NDX 1070 should prove to be decent support (especially in a thin tape) and this posture is more appropriate given the crosscurrents. In any event, it is what it is and I'm certainly not taking any victory laps-just trading.
T-minus one hour until the bell and this is your friendly Minyanville reminder that Sun Micro, Triquent and Novellus will all be in the news after the close and we've got a truckload of economic data tomorrow morning. Make proactive and lucid decisions and, whatever you do, don't go home with so much risk that you can't enjoy the holiday with your clan. That, my friend, is a bad risk/reward.
Good luck into the closing bell.
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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