Hey! Watch where you're steppin' with those cleats!
Good morning and welcome to the cactus league. The teams arrived at training camp this week and have wasted no time getting their uniforms dirty. In intra-league play, the Ursine Uglies have been knocking the cover off the ball and, bolstered by a strong pitching performance by Boo, they've held the Bovine Beauties to a few scattered hits. Heading into the final innings yesterday, Snapper stepped to the plate with the bases juiced--but his bid for back to back Snaps was snuffed out when he was caught looking.
As the crowd files into Minyanville Stadium today, there is an electric buzz in the stands. They're anxious to see if the Boo's crew can finally secure a decisive victory that would pave the way for a more sustainable rally. As fans of the game, they know that the recent lifts have been characterized by an alleviation of the oversold condition more than a true showing of underlying demand. In order to put in a "good" trading bottom, they'll be looking for the fall classic signs--a spiky VIX, bid wanted situations or a disconnect (on an emotional or price basis). In other words, they're looking for traditional signs of despair.
Of course, the Minx may throw a curve ball and not offer the historical "fat pitch." With the storm clouds threatening, crude at a twelve year high, Europe hanging by a thread and the fundies frozen, the bulls will argue that it's always darkest before the dawn--and we're already playing at night! This is a game of inches and if the bears are looking for the home run, Hoofy's liable to hit 'em where they aint (and where it hurts!).
The baselines are relatively defined and if the crew from Matador City is gonna stage a rally, they'll have to start soon. BKX 700 and S&P 820ish are important levels to watch as we prepare to play ball and a failure to hold will require a big save from the bullpen. One thing for sure, sports fans, today's ticket is a hot one and the battle promises to be fierce. As Yogi Berra once said, "Ninety percent of the game is fifty percent mental," so clear the mechanism, focus on your mechanics and, above all else, remember to think positive.
Good luck today.
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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