Hey Toddo--I still love ya baby even though you don't give me any respect!
The sailor gave at least a try
The soldier being much too wise
Strategy was his strength
And not disaster
Wasabi Sammy! This slow, sideways and slithery tape is right up your alley, isn't it? I'll make you a deal-you can chill in the 'ville as long as you'd like if I can visit your clan in Zona soon. I try to make it out there once a year for a little spiritual refocusing and I'm due for a Miraval miracle right about now. When you stare at screens all day, a little hiking and biking is always good for the soul!
First things first, we've got a Minx to tame and the drifty afternoon action is starting to pick up some jig. Again, I can't tell you what the ramifications of a potential stimulus package are-I'm more concerned with how the perception of the stimulus package affects the price action. If you recall, the perception of an accommodative Fed buoyed prices initially before it became painfully apparent that Elmer's glue wouldn't hold. This could be much of the same.
The internals on the big board are grinding better as the bulls attempt to make back some lost ground but it's worth noting that the volume is thus far suspect. Once again, the traction in the financials and the reversal in the bonds stand out as the two most glaring elements of today's action and I'm monitoring NDX 1070 and S&P 914ish (yesterday's high) as near term resistance. With two hours left in the week and a looming Iraqi decision on Sunday, the rest of this session is tough to call. If I had anything, I'd offer it out to you but you'll never see my talk just to talk-that's silly.
I'm comfortable with one leg in my bear costume (25% conviction on the short side) and plan to add further appendages (me thinks) when the short-term oversold condition alleviates itself. I actually thought of doing the Texas two-step this morning (out of the bear, into the bull) but I decided that it was too cute. Consistent with my view, I'd prefer to slowly scale into short side exposure (for a trade) and let the chips fall where they may.
If you're feeling a bit confused by my vernacular let me assure you that it's not you-it's me! Still, if you don't understand what I'm saying, you may want to take a peek at the dictionary in the Ruby Peck Memorial Library. If a term isn't in there, send me an email and I'll make sure I add it. It's just that easy.
Hope this finds you making a few shekels.
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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