We're goin' to Sizzler!
Without further ado, I'd like to announce the official start to the 1st annual Minyanville Charity Auction. This 13" x 19" matted poster will be framed in Plexiglas and signed by myself and each of the critters. In addition, the winning bidder will have his/her name announced on the site and permanently inscribed in Town Hall.
When I say this is a one-time-only poster, I mean it...I won't even have one of these bad boys! As 100% of the proceeds will be donated to the Ruby Peck Foundation for Children's Charity, I will begin the bidding at $500. The auction will remain open through Thursday's close and the winner will be announced Friday. Send your bids into firstname.lastname@example.org and good luck!
Back to life, back in reality, the Minx continues to digest this morning's gains and the chatter of a Santa Claus rally is getting louder by the minute. I stand by my (passing) thought two weeks ago that we've seen the highs for the year (although that's not such a bold call now). Still, I feel it so I'll write it and we'll let the chips fall where they may (no pun intended). I'm not going to say there's no shot at a melt up (stranger things have happened)-I just continue to sense that the long side got a bit crowded when the year end rally became a "given."
In the interest of taking our journey one step at a time, however, it's worth noting that the financials have had traction all day and continue to hold a bid. Anybody that's read me knows how important I view this complex-they were heavy the last two weeks-particularly with the big earning's approaching. BKX 770 is 'a' level that the tape failed at in early December and it's worth noting that we're doing work there now. This isn't THE level, mind you, but it's something to monitor regardless. THE level, for all you technical mavens, remains BKX 800.
Consistent with last week, the trading wires are barely blinking as we wade through another lethargic session. Breadth in the S's continues to impress while the NDX internals are far from jiggy. To be sure, reactive traders will become emboldened by the seas of green and that could potentially become self-fulfilling on the upside. For my part, however, I think that rallies are made to be faded (read: sold) and I continue to operate with both legs in my bear costume (50% conviction on the short side). Hey...not always right-but always honest.
The charity auction poster will be on the site shortly (technical glitches) but, regardless, I wanted to get this party started. I've been very active today so my apologies for the lag in posts-it's an emotional day. When you toe the line in the trenches with a team for so long, you develop a bond that is hard to put into words. These guys are more than colleagues to me-they're family-and I will miss doing battle by their side.
Hope you're hitting 'em straight-I'll be back.
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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