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The Quick and the Dead


If we don't get our mojo working soon, we may be having turtle soup for dinner!


If you're lost you can look and you will find me
Time after time
If you fall I will catch you I'll be waiting
Time after time

(Cyndi Lauper)

I know the readership is likely to open a can of whoopass on me for quoting these lyrics but I couldn't help myself! My crowded keppe keeps circling back to the timing aspect of trading and its importance in our overall results. With the tape as emotionally charged as it is, there's a tendency to micro focus on the granularity and miss the bigger picture. I know that my mind often races ahead and, often, I'm guilty of pulling the trigger too fast. I mean, my ex-girlfriend called me a bad lover--but how can she tell in two minutes!?!

I've made some calls around the street and the traders I've spoken with are anticipating a Snapper this afternoon. Naturally, being the contrarian I am, this raised a flag in my mind-but that could be over thinking things. Shocker there! My point, Mon frere, is that you should have a game plan in place such that you can proactively trade your book and view the price action as an opportunity. If you're a bull, you should be licking your chops on days like today if you're timeframe warrants it. If you're bearish, you should want a rally so you can make sales at higher levels. Capice?

KLAC's presentation came and went and while it was relatively upbeat, they didn't raise guidance (as some were whispering). I'm not currently involved in the name but it's worth noting that they sounded "bad" in early October when the stock was at 27 and they're sounding "better" now with the stock north of 40. Just goes to show you that the price action will always lead the fundamentals and the market won't always trade on "today's" news. Just a random thought as I finish off my chocolate milkshake.

The internals in the S&P are grinding better but their four-letter cousins continue to struggle. It really is a tale of two tapes and traders are having a Dickens of a time figuring it all out. A look at the financials and retailers makes you feel constructive while the action in tech feels like those names are under distribution. Meanwhile the consumer names are up smartly for the second day in a row and Mr. Dwyer has informed me that this was the "easy" trade. Nice feel Snoop Tony Tone!

Finally, I had an experience over the holiday that I wanted to quickly share it with the readers. While I was reading through the Ruby Foundation charities with my family, my mother found an old scrabble set in the hall closet. When she opened it, there was a small white pad with a note written in Ruby's handwriting. It read: "Hi Toddo...Grand...I am proud for your caring...Dedication...We support...People who need...Help. RP" You want to hear the trippiest part? While my grandfather was alive, he never once called me "Toddo"-he didn't even know what a Toddo was! I'm tellin ya, as I read the note, I could feel his energy rush through my body! I'm not sure why I'm sharing this with you but, hey-it's my journal!

Hope you're putting the bat to the ball-I'll be bah-hak.


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