I'll tell ya--this is no weather for a snake!
"I wasn't like every other kid, you know, who dreams about being a trader. I was always more interested in what bark was made of on a tree. Richard Gere's a real hero of mine. Sting. Sting would be another person who's a hero. The music he's created over the years, I don't really listen to it, but the fact that he's making it, I respect that. I care desperately about what I do. Do I know what product I'm selling? No. Do I know what I'm doing today? No. But I'm here, and I'm gonna give it my best shot."
The walk-off between the bulls and bears is hitting full stride as traders begin to position themselves in front of the overnight news. With the market pulling back as it has, Intel's tone and the economic data will go a long way in determining whether this is sell-off is a healthy pause (to refresh) or the continuation of the Razor Burn. You know what my gut is, Minyans, but you also know that I'm hopping around with one paltry leg in my metaphorical bear costume (25% conviction on the short side).
There was a moment last night, when I was sandwiched between two Finnish dwarves and a Maori tribesman, when I thought, "Gee Toddo, it's so like you to ride out a thesis and then pull the trigger too early." I mean, if (big if) the Burn is to unfold, we've got a long way to go and a short time to get there. I'd be lying if I told you the battle hasn't taken an emotional toll-I take my posture very personally-but I'm attempting to remove the noise and make lucid and disciplined decisions. There's a very real chance that the good news is built into the tape (not to mention what bad news would do!), but you should never try to make up for lost opportunities by overtrading. That's asking for trouble.
Select retailers have started to firm and that's worth a mention but, other than that, it's more of the same. The financials continue to weigh on the tape, the N's are still outpacing the S's, and the snow is dumping all over Minyanville. I would also like to point out the lethargic action in the consumers and give snaps to Snoop Tony Tone for knowing when to take his trade. Anyone can buy a stock-knowing when to make a sale differentiates the good, bad and ugly.
The movie poll is about to close with Blazing Saddles holding a slight lead over Caddyshack as the all-time funniest flick. I can't argue against either one of these but if you put a gun to my head, I gotta go with Mel. Meanwhile, I think I'm getting the black lung pop (high pitched cough) and I'm looking forward to trudging home, turning my phone off and watching Zoolander (again). This has been quite a busy week and tomorrow's a big day. I need to turn the brain off for a bit!
Good luck into the close.
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 firstname.lastname@example.org.
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