May peace be with you!
Run, run rabbit run
Dig that hole, forget the sun,
And when at last the work is done
Don't sit down it's time to start another one
Talk about a terrapin station! It's more like Snapper took steroids and he's running around Minyanville like Magda! The sharp spark occurred on cue and, as Scotto and I just discussed on IM, it almost seems too textbook. The lunar eclipse has acted exactly as it should--a dip to S&P 1044 yesterday and a move higher to 1050-1060. If (big if) the script holds, we'll get a tremendous number tomorrow, a spike to S&P 1068 and then you'd better hold onto your helmets.
Too cute? Perhaps--the Minx doesn't like it when you tempt fate. One thing for certain, we'll know soon enough. In less than 18 hours, Senor Beeks will unleash the orange crop report as traders exhale and digest the most anticipated economic report in some time. More likely than not, IF the pop unfolds, the second lift (rather than the first) will provide a better entry. First things first, let's make sure we're in shape either way. The smell test? Picture the Spooz up 30 and down 30. If either scenario spooks you, balance yourself and your risk profile.
To be sure, there's nothing in today's action that would indicate that Hoofy will take the lampshade off his keppe anytime soon. Still, the very fact that there's little justification in being short is reason for a nose scrunch. Can they break on through to the other side? Yes, they can...and that possibility must be incorporated into any strategy. Will they? It would defy logic, in my view, but if history has taught us anything it's that logic doesn't always apply to the tape.
I'm gonna jump and do some manicuring of my own so lemme hop. I sincerely hope you all found some jingle in your jeans today and, if not, that you've got the balance to keep it in perspective. Tomorrow's a new day in the fray and a fresh shot on the pot. Think positive and trade to win--it all starts within.
Have a peaceful night.
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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