I had to move--really had to move
That's why if you please
I am on my bended knees
Bertha don't you come around here anymore
The afternoon session is creeping along and before Professor Reynolds arrives (sandwiches in tow), I wanted to toss out a quick missive to my fellow Minyans. It seems that a lot of folks are gripping the handlebars extra tight--alright, I'm guilty of it myself--so this is your friendly Minyanville reminder to chill. Being less stressed doesn't have to equate to being less focused.
The inflection point I'm monitoring is yesterday's low in the S&P (1068). Thus far, its ability to hold in the face of a scold is bullish--it's absorbed a fair amount of supply. What I'm eyeing is the "flag" pattern on the daily chart (a series of lower highs and higher lows). Typically, those wedges 'break' in the direction of the prevailing trend but rather than guess and press, I wanna let the Minx show me the way.
Easier said than done? Absolutely. I'm as guilty of overtrading as the next guy (at times) and every time I do, I kick myself in the can for knowing better. This sure is a humbling business--it takes a whole lot of effort and hard work to secure a profit and a momentary lapse of judgment to give it back. That discipline--and the virtues of patience--are our daily tasks at hand.
Over in techland, the semis continue to get beaten with an ugly stick and I just asked Fokker if he thought Snapper would peek his beak into that freak. A break above SOX 475 would be the first clue that turtles are lurking but, as it stands, there's supply in the Street. Over in the industrial park, as Adam has observed, there is a much better tone. The Dow has flexed all session and the rotation from overextended tech to the old school gorillas seems to be in motion.
Finally, as Brian comes a knockin', there are only three hours left in the Minyanville auction and Daisy is schvitzing with nervous anticipation. She'll be spending tomorrow at the Bliss Spa gettin' gussied up for the Minyanville Festivus. I wonder if the J sisters are gonna be there?
As always, I hope this finds you well.
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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