One Way Sally!
Can't we try just a little bit harder? Couldn't we try just a little bit more?
File this under the "so you know" department. The flow this morning, by and large, has been entirely skewed to the buy side. I know I may be beating a dead bear here but with some big dogs nearing resistance (BKX, SPX, WMT, C), I'd be remiss if I didn't pass it along. We saw similar flow during the bull trap Wednesday and, while Hoofy has a spark to point to now (economic data), we must acknowledge that there are other crosscurrents affecting equities.
I've got an S&P 28 day chart up (SPX (index) GIP 28 on Bloomie) and it's worth a look if you can. The pause at technical resistance (first try) made sense--now we'll see if the bulls can push 'em through or the bears will stand their ground in front of the weekend. Again, my guys are telling me that the macros are long and trying to break on through--that's bullish if they can, obviously, but you'll have a whole heckuva lotta trapped longs if they can't.
Deep breath, please, as it's emotionally charged out there--it's imperative that we remove emotion from the mix. As Michael Jordon so eloquently said yesterday, we're bound to fail at times--that's what makes us successful. It's not fun, but it's part of the game and our job, as always, is to manage the risk.
Meanwhile, I stand corrected. Mr. Wells informs me that his father goes by that name and his proper Minyan moniker is "Geoff." Sorry cookie--but either way, you're still the main man right now with your high bid of $15,500 for the day in Minyanville by my side--trading, fading and schvitzing! Please hurry--Snappers been practicing his sax all morning and it's starting to give me a headache!
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 email@example.com.
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