The Zepp Step
Have a peaceful weekend!
Hey lady--you got the love I need
Maybe more than enough.
Oh Darling... walk a while with me
You've got so much...
Well cookiepuss, it's about that time--and not a moment too soon! Before I zepp to my step class (I gotta do it), I wanted to sneak one more post out to my fellow Minyans. I'm not sure what type of insight I can offer as to the last half hour but I will say that, despite my current posture, I'd be surprised if they waxed 'em hard. Stocks that are strong all day tend to finish that way and the breadth remains constructive.
Do I have concerns on the short side? I always have concerns when trading--not having concerns would be, well, a cause for concern. There is always the potential that Hoofy the hill climber will scale the wall of worry, there is something that resembles a reverse head and shoulders (positive) in the Dow Jones and the most unlikely scenario is a rally INTO a potential war (which intrigues me). Still, with those inputs acknowledged, I'm going to walk home with both legs in my metaphorical bear costume. Hey--I wonder if they'll let me into restaurants in this silly outfit?
I've been asked a bunch of times if expiration is holding up the market and I think it is. That should set us up for our Southside Johnny next week although I'll admit that scenario is almost too scripted for a contrarian like me. Hey, I'll make you a deal--if you promise that you'll focus for the next 15 minutes and then take the following two days to smile, I'll do the same. We have all of next week to fade, trade and get paid. We need to balance first.
I'm gonna go watch the tape and manicure my risk profile. Thanks again for allowing me to write to you every day--it's a rare treat to do something you love for a living while being in a position to give something back. Good luck into the close, my friends, and stay safe.
Have a peaceful weekend.
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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