Slow and steady wins the race, cookie!
Navin R. Johnson just grooved into Minyanville (juggling some cats) and screamed "They hate these cans!!...Look, more cans!!!...Stay away from the cans!!!" Wow, I haven't seen him this excited since the new phone books arrived! I'm only going to say two things to you, Navin, so listen up. First, emotion is the enemy when trading so take a deep breath and maintain your composure. The second thing is--and this may be a little hard for you to understand--"I slit the sheet, the sheet I slit, and on the slitted sheet I sit. Wow--I've never been relaxed enough around anybody to say that! Here, come with me and lemme 'splain.
The war rhetoric has been chattering all morning and while that's certainly not helping the bull's case, it's not the only fly in the ointment. Micron, which led the market higher off the October lows, is in serious danger of becoming a hat size as it melts towards single digits. That action has dragged the SOX below the previous December lows and is a stone's throw from confirming that nasty looking head and shoulders formation. Remember, you can't anticipate these confirmations-Jack Skiba taught me that-but you can (and must) respect it's potential power.
Meanwhile, back at the carnival, Hoofy is doing everything he can to hold S&P 888 and, in between his grunts and snorts, he's calling out for his friend Snapper. A cameo by our resident tortoise isn't out of the question but, from my seat, I would think he'd have to stop by the bank before he visits Minyanville. In other words, watch the financials for ANY sign of traction as the first clue that a change is in the air. The only thing that gives me pause on the short side right now is the stochastics, which are a slitted sheet away from offering a buy signal. Balance that input against the snowstorm of dandruff across the sector bases and, well, that's why they call her the Minx.
Regarding my posture, I'm still 50% dressed in my metaphorical bear costume but I'm starting to get that tingle in my spine. I'm using a tight S&P 900 stop on my posture as, well, it removes emotion, allows me to participate in further slippage and defines my exposure. That's good discipline.
The sushi chef just arrived and I'm going to celebrate my final SushiWednesday at the Hallowed Halls. I continue to feel a wide range of emotions regarding my forthcoming (solo) venture and I'm currently jockeying between nostalgia and excitement. Friday will be my final day in this office and when I return from my self-imposed sabbatical (two weeks), I'll be powering up from my new digs with fresh energy. I want to thank the readership for the fantastic response and the votes of confidence-I've made a lot of new friends through this venue and that's something that will never change-regardless of my address.
Hope you're hitting 'em straight...I'll be back.
LIVE CHARITY AUCTION: SEND BIDS TO AUCTION@MINYANVILLE.COM. CURRENT HIGH BID: NEIL GLASSMAN $2500.
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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