Who's the Boss?
Ego has no place in the trading process--it only gets in the way.
Got a wife and kids in Baltimore, Jack
I went out for a ride and I never went back
Like a river that don't know where it's flowing
I took a wrong turn and I just kept going.
One of the nutty aspects of my daily juggling routine is the frenetic pace that I pound on the keyboard while scanning the (8) screens. Sometimes, in the middle of my routine, something jumps out from my virtual world on bites me on the nose. The 5 day chart of the S&P just did exactly that! If you've got a Bloomberg (or any charting capability), pull this gip (chart) up. There is a textbook head and shoulder pattern over the last two days that, in and of itself, is the head on a LARGER head and shoulders pattern! Its Medusa City man and it's freaking me out!!!
We know from experience that the more often a support (or resistance) gets tested, the weaker it becomes. As such, the bulls and turtles out there should be careful with this S&P 890 level. This is now the forth time in four days that we've probed this support, and with the internals as weak as they are, the long side is clearly the cute side. That doesn't mean it can't happen, mind you, but trading is about assigning probability to chance and structuring an advantageous risk reward profile. That, my friends, is why I've place a "stop" on my risk-it defines the parameters of my trade. Gorgeous!
I've been jumping on and off conference calls all day as I wiggle and jiggle through my last week here. Still, it's super important to me that the readership is "taken care of" as, truth be told, that was the biggest reason I wasn't going to take a vacation. I made a pledge when I started this site that if you stuck by me, I'd stick by you-and I take my word very seriously. I'm not sure why I'm sharing this but it's important to me that you know it. And now you do!
Meanwhile, the Minyanville fulfillment factory is up and running as of this morning. What does that mean? The city of critters is now officially shipping merchandise! Everyone that ordered a Minyanville tee should keep an eye peeled and everyone that hasn't, well, what are you waiting for? With overnight delivery capabilities, you can have them by the weekend! With regard to the fleeces, we've been so overwhelmed by the response we've had to order more to meet the demand! You can still place an order but you won't receive them until early January. Don't let that stop you, however, they're worth the wait!
I've got to run on the bell for another midtown mindmeld (shocker), but surely get another post to you before I scoot. Hang in there, sloopy...we're almost home.
Daily Recap Newsletter