Hey Boo, I'm only going to say this once--GET OFF MY BACK!
Jam's about my pride and the truth I cannot hid
To keep you satisfied
True love that now exist is the love I cant resist,
So jam by my side.
I've always been a creature of habit so it stands to reason that when I have these breakfast meetings, my whole schedule is fakakta. Apologies for the lag in posts, fellow Minyans, as I've been playing ketchup from the word go today. So, with that said, let's roll up our sleeves and get the mojo shakin'.
The overseas softness and macro backdrop has left a sour taste in trader's mouths as we merge into this morning's traffic. We spoke about the potential impact of the U.S Dollar and crude and that, coupled with our technical levels, is my focus. While Hoofy and Boo have been wrestling with S&P 900ish, a very distinct head and shoulder pattern (negative) has been slowly forming across a handful of sector bases. We know that these don't "confirm" until the right shoulder is broken and, while we're not there yet, there's some definite soreness.
I want to get this out to you so I'm going to cut this column short. The Wolverine confidence number just came out marginally better (Ohio State eat your heart out) and the Minx is trying to put on her game face. There is a cluster of support in and around here and traders are leaning against it--but I'm not certain that this economic number is enough, in and of itself, to turn the tape. I remain half dressed in my bear costume (50% conviction on the short side) and I've already begun the countdown to Petty.
I hope this finds you well and, again, sorry for the lag in posts.
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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