The Trading Reflex
Hey Tony--what does Minnie have that I don't? Come hither!
I'm on a ride and I want to get off
But they won't slow down the roundabout
Sorry Charlie-I had to do it. There was such an uproar yesterday regarding my Random Thought, I had to circle back and defend my gel-laden friends. I mean, let's give credit where credit's due, a'ight? Rio, Hungry Like the Wolf, Girls on Film, Save a Prayer...these guys were '80's icons! I'm not saying I've tossed on my dye and cranked 'em up recently but, at the same time, I'm not going to deny that I used to dig 'em. Hey, it could be worse-I could be quoting A Flock of Seagulls!
The tenor of the tape has improved as the semicaps (semiconductor capital equipment stocks) caught a bid on some low level chatter of a push. A lot of traders I speak with have been focusing on the S&P 902 level (there were "buy stops" there) and once that was taken out, they turned to cover. I see the action and I respect (not defer to) it, but as of now I'm sticking with both legs in my metaphorical bear costume (50% conviction on the short side). I want to see how the techs trade once (if) they get to NDX 1050 and I'm also wary of the action in Seagate (broke IPO price).
Media continues to impress and software acts dry but there are reasons to pause before diving in with both feet (no pun intended). The internals have yet to confirm (neutral) and the financials are not leading the S&P complex (always worth noting). Again, your course of action should be dictated by your desired time frame but I wiill say that stressing over each and every tick isn't productive-or healthy! The goal, as always, is to get to the point where you can view prices as opportunity. Deep breaths, Mon Frere, we'll get there!
Once more, let me be very clear tha the dislosures to the right indicate the names I have positions in and does not imply a bias either way. I know some people aren't thrilled with this policy but, again, Minyanville is an educational platform and not an advice site. I will always offer my (humble) view and, take me at my word, I have the readers best interest in mind (why I'm here)--this is just the way it has to be for now. Doctor's orders.
That said, I've gotta cut this post short and juggle some hats. I also want to call Disney World and see what, if anything, I can do for my friend Tony while he's on vacation. The critters are a bit jealous that he's going to play with the "other" critters but I explained to them that Tony is family...no matter how Goofy he is.
I'll be back.
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