Del Boca Vista
Trade ye well!
Goodbye, Ruby Tuesday
Who could hang a name on you
When you change with ev'ry new day
Still I'm gonna miss you
The crew from Red Dye tried to find some supply but the Matador Crowd was waiting to buy. The resulting friction has led to a "S's over N's" dichotomy and noticeable rotation into the metals (as a function of the punk dollar). The pockets of traction have also edged the Minx through S&P 1150 and Hoofy will look to morph this latest ceiling into tomorrow's floor as we trudge forward in the muck.
The "clarity reality" is trumpin' the "sell the news" crew as visions of year-end letters dance in the heads of portfolio managers. We mapped out the bovine wish list last week and , thus far, the lame ducks are anything but. We rallied into the election, resistance levels were violated and the rude crude is charming the farm. The collective attention now shifts to the economic data and barring an exogenous shock, the path of least resistance feels higher.
There are big picture concerns that warrant respect but they may not matter to short-sighted traders. There has been precious little motivation on the sell-side and a collective interest in higher prices into year-end. We're still in danger of the Dubya "pop and drop," I think, but the price action doesn't support that assertion. And the risk to Boo is that a "long squeeze" sucks in the underperformers as investors attempt to keep up with the Dow Joneses.
I've gotta jump for the backend of my lunch meeting double header and will then be joining my fam for some Dorothy face time. There was a time in my career that I wouldn't have left my turret for the world but it's a different world and I'm a different man. There's a tendency in our business to continually set milestones and, once reached, raise the bar. The risk to that approach is that you're never entirely satisfied and, worse that you're so focused on the destination that you forget to enjoy the journey. Just remember, Minyans, by the time you get to where you so badly wanna be, the trip will already be over.
May peace be with you.
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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