Can't Buy Me Love!
Hey Osama--mess with the bull and you'll get the horns!
Bills rise higher every day
We receive much lower pay
I'd rather stay young, go out and play
It's like that--and that's the way it is
Oofa--I really touched a nerve with that random thought! It seems as if a lot of people equate money to happiness and, well, I humbly disagree. It may make life easier but, come on now--some of the wealthiest people I know don't have two dimes to rub together! I'm not saying it doesn't matter (it surely does)--but there are other things that matter more. Thassall...
The tennis match that is this market has lobbed back over to the upside and traders I speak with are just plain flummoxed. Listen--if you're chasing 'em higher and pressing 'em lower, take a step back and take a deep breath. My good friend--let's call him Waxy--manages money in the Midwest (he's very good). When he reaches a certain benchmark (for the day, week or month), he steps back and STOPS TRADING. Is this for everyone? Surely not--but it's a good self-check mechanism. The casino is always open and she's got the staying power. Know when to hold and know when to fold.
I don't mean to belabor the point...I just think it's important to stress the virtues of patience and discipline. I've been writing since Nazz 5000 and I've heard more horror stories than you can shake a stick at. If my words enable some of you to gain a fresh perspective and outlook with regard to your finances, then it's been a good day at the office.
Back to life, back in reality, the battle of evermore continues as the bulls and bears jockey for position. I've schnitzeled to the left, schnitzeled to the right--heck, I've changed costumes so often, Fokker must think I have a tailor next door! I've tried to remain adaptive (NOT reactive) in this environment and, with the banks trading heavy and the S&P under resistance, I'm chillin' with Boo for the time being.
I haven't been more aggressive (on the short side) as a function of the coiled stochastics (I've learned to respect them). Still, they're just one ingredient in a much bigger mix and, in the absence of fear (VIX down), I'd rather not defer to them. The chatter is fearful...but the classic signs of concern have yet to emerge. Hey, I don't make the rules--I just live by them.
In Minyanville news, we're chuggin' right along and I hope to have some flavor for you on the University in the next few weeks. It's more important to do something right--not fast--and we wanted to make sure the loyal Minyans were taken care of on the passport conversion. All good things in all good time, my friends, and I promise that it'll be worth the wait.
I hope this finds you well.
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