Clash of the Titans
Levels don't lie!
Should I stay or should I go now?
Should I stay or should I go now?
If I go there will be trouble
And if I stay it will be double
Hey ho! Congratulations to everybody's favorite mer-man, John Parmigiani, for correctly identified The Mine Shaft as the bar from Zoolander. Hey Parm, don't forget that moisture is the essence of wetness and wetness is the essence of beauty--and don't forget to tell Fokker which shirt you want to sport to your new fashion show!
Meanwhile, speaking of mine shafts, the Minx continues her quest for price discovery. Once we breached those levels, I saw a handful of "sell-stops" kick in and exacerbate the decline. Can Snapper make a cameo today? Snapper can do whatever the heck he wants? Do I think he does? I'm not betting that way, cookie--I've got my pea shootin' odd lot of S&P puts and will boot 'em if we breach that downtrend (to the upside) or I hear the closing bell, whichever comes first.
Meanwhile, speaking of mind shafts AGAIN, take a gander at gold.com--there's selling in them thar hills! I'm far from an metal analyst but when I opined last week that there was downside risk, this is kinda what I was thinking. From here? I've got no clue--I'm a trader, not an investor, and if I HAD played the trade, I'd gladly take it here. Something about a fool and his (hypothetical) money getting together in the first place?
The breadth continues to irk me and, while the VIX is inching up, I'd be happier with a spike, Lee. Toss into the mix that markets that are heavy all day tend to finish that way and, well, I MAY call an audible on the Shim Sham S&P 810 level. The truth is, I don't know yet--I want to see how she feels when (if) we get there. One step at a time.
Finally, I must give a shout out to Barry and Sneaky on Kobe Ray's first birthday. I've known Romy (Sneaky) for over ten years and she lucked out by meeting a Minyan named Barry. Low and behold, they've now got a mini-Minyan and I couldn't be happier for the whole clan. Shwing!
Hit 'em straight, friends...I'll be back.
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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