With everyone looking for a big move, wouldn't it be ironic if we just sat in a range the rest of the day!
And in the master's chambers
They gathered for the feast
They stab it with their steely knives
But they just can't kill the beast
Wow, this tape has more swings than a playground at a Lifestyles convention! The opening mess was met with a green scream and now the Minx is doing her best scarecrow impersonation as she points thataway. Snapper walked by and kicked me in the shin on his way out the door but I explained to our little buddy that there are few 'easy' trades and we gotta take baby steps. Now it gets interesting.
The string of losing sessions adds a saucy element to an already spicy juncture and traders seem spun around by the price action. I will tell you that the recent meltage is precisely the reason I'm not being more aggressive on the short side despite my broader thesis (Razor Burn). Often times, when staring at the screens all day, it's easy to be a junkie and trade the flickering ticks because, well, they're flickering. Pick your spots and balance patience with discipline-it will differentiate you from the emotional crowd.
We knew that these levels were going to be a dogfight and you can hear the loud barks throughout Minyanville. The banks and biotechs are showing signs of traction but, other than that, nothing overtly bullish or bearish jumps out. I continue to think the upside is the "cute" side and I'm chilling with Boo, but I'd rather fade and not press. In other words, I've got my requisite exposure on and, with only one leg in my bear costume, I've got plenty of dry ammo. If they do lift, I'll view higher prices as an opportunity (not a hindrance).
I clearly have trust issues and I'm going to discuss them with Dr. Melfi on Sunday but, in the meantime, I'm keeping my right hand up. I still sense that the long side is crowded and, while they need to work off the short term oversold condition, the fresh money longs might get impatient if we don't begin to rally. That, of course, may not be today's business but it's a dynamic that's "out there" and it warrants discussion.
In Minyanville news, we continue to iron out the kinks and will be making more adjustments over the weekend. If there are times that you have difficulty accessing the site, understand that it's a short term speed bump as we pave the way towards better service. We'll also be rolling out a slew of artwork at the Gallery for the Arts so be sure to check that out when the shipment arrives. One of the great things about our humble little town is that it's going to continue to evolve and improve with new features, new writers and new stuff. In other words, the journey has only just begun.
I hope this finds you well.
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