You must learn to stand your ground
It's not healthy to run at this pace
The blood runs so red to my face
Does anybody else feel like a hamster on an exercise wheel? Don't get me wrong, I love trading and there's no other profession quite like it, but there's a reason why the shelf life of a trader is what it is. We may strive to remove emotion from our process but there's no denying that our process is emotionally draining. By the time Friday rolls around, the puffy eye syndrome is in full effect and the hill always seems a bit steeper. As such, this is your friendly Minyanville reminder to stay sharp and on your toes. We have 20% of our week left before its Miller time so put that game face on and play to win.
Since walking back into the office, the pre-opening is particularly quiet. Perhaps it has something to do with our cable being out but the research seems light regardless. I'm juggling to catch up and must run into this morning mindmeld, but I wanted to touch base and let you know I'm back at my post. The traders I speak to don't see much going on, but with the technical perfect storm that's set up, I told them to be prepared for a slugfest. If we've learned anything, it's to expect the unexpected.
It wouldn't shock me to see the bulls try to make a stand at these levels, but one of the benefits of removing that appendage from my bear costume yesterday (currently 50%) is that I now a bunch of dry powder for higher fades (sales). Timing is everything in this business and while I'm not smart enough to tell you when we get our (a) pullback, I continue to trade with a short bias for the time being. I share this knowing it's beginning to sound a bit redundant, but if nothing else, I'm consistent and honest. Adaptive, but consistent and honest.
Less than seven hours till our requisite two day rest, team...head up.
See you after the opening.
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 firstname.lastname@example.org.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap Newsletter