We're launching Monday and I don't have a thing to wear!
I think of all the education
That I've missed
But then my homework
Was never quite like this!
Oh to be young again! As we ready for the massive mega mamaluke Monday launch, I have to give ya a Ruby wink on our new elementary school teacher. While you've yet to have the opportunity to read Susan Wein (yet), lemme say this--if I had her as a first grade teacher, I think I'd STILL be sitting in one of those little desks. She's that good, as a writer and a person, and it's only a matter of time before the rest of the world finds out. Get psyched, my friends....and tell your Mini-Minyans!
Back in adulthood (sorta), the minx is tetherballing back and forth and playing in the band. The script is still being written, to be sure, but if we don't busta rhyme soon, this tape will bust more bulls than Daisy! It's very quiet (read: low volume), traders are loaded to the gills with exposure and the Nazz breadth is negative (although it filled the first gap). Head fake before some ursine fricassee? Maybe--I've seen narcoleptics more motivated than the bears--but allow for all outcomes when assigning probability of a future path.
The most bullish action I can find are in the cyclicals and the money center banks. The semis, on the heels of Intel (INTC:NASD) and Applied Material's (AMAT:NASD) give back, has to be disappointing for SOX fans (shocker Dan Meehan!). Telecom, small caps and software also leave a lot to be desired but, with that said, the tape hangs (like a noose). The bulls won't break a sweat until the S&P breaks 1150 (and there's still alotta trading left in the session) but that's the dynamic du jour.
While a blow-off top shouldn't shock any of us (given what we've seen and the thisclose charts), anticipating the anticipator can be hazardous to your financial health. I've done that over the years and gotten my head handed to me (where did that saying come from?) so while it may feel like a duck, quack like a duck and smell like a duck, we still may have to duck for ourselves. Just do me a favor and don't focus on what you haven't made (or don't have), think about the opportunities ahead (and what you've got).
I'm gonna jump and juggle as there's lots to do and, if I can squeeze it all in, I might actually be able to sneak in a haircut on the bell. They're certainly not as fun as they used to be but, looking on the bright side, they have gotten a lot cheaper (I get charged by the follicle). If I continue on this pace, Snoop Tone and I will be able to get the two for one deal in record time! Good luck into the close, Minyans, and stay on your toes.
Fare ye well.
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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