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Planter's Punch

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By the time you post, Toddo, the tapes already jumped!

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I wanna feed the babies
Who can't get enough to eat
I wanna shoe the children
New shoes on their feet


(Steve Miller)

Holy Guacamole! This is, without a doubt, the trippiest trading environment I've ever seen--and I've seen a few tapes! The initial rally off the lows (through S&P 810) planted the seed and once that happened, the psychological sea change (however brief) began. What am I doing? Aside from exhaling, I'm making some decisions.

Wow--I'm writing this and the futes are up 4, no...up 1...no, flat, no...up 3...Jeez Louise, this is N-V-T-S nuts! The internals are doing their best to confirm (it's a battle), the banks are starting to garner some jig (watch Citigroup), Vols just got sucked out of the tape (shocker) and I've now got streams of sweat sliding down my trunk. My mom was right--I shoulda been a vet!

As a function of discipline, and because I strive to make this column an extension of my thought process, I'm gonna (humbly) slip that leg out of my metaphorical bull costume into the close (near the highs?). This will leave one appendage (25% conviction on the long side) and it's likely more consistent with my current view.

Am I early out the door? Yeah, I think so...but I've always been early on undressing from the bull camp as a function of my big picture beliefs. My indicators are still coiled and I'm with Snoop on a likely test of the upper end of the band camp. Still, Trades are made to be taken and I'd be lying if I said I wasn't feeling it earlier in the depths of my gut. Is today's reversal bullish? Yup. How long will it last? One step at a time, friend.

I've got a meeting with an investor on the close so this will likely be my last post of the day. I wonder if he's gonna mind the schvitz stains that are sprinklin' my shirt? No matter..it is what it is and I am who I am. No matter what happens, Coleman, nobody can take that away from you.

We've got DELL tonight and Franz tomorrow so factor that into your decision making process as you craft your overnight risk profile. Whatever you decide, make sure your comfy enough such that you can spend your time focused on the important stuff. At the end of the day, that's all that really matters.

Have a peaceful night.

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