...today's bounce has an obligatory feel to it, with tech and financials begrudgingly higher.
Greetings from Anaheim, California, where I just concluded my keynote at the TD-Ameritrade APEX live event. I'll tell ya, Minyans, while I've never craved the spotlight, it was great to share vibes with 1200 newbie Minyans in the Marriot Grand Ballroom. There's a real thirst for knowledge out there and the Minyan mission resonated from soup to nuts. That, along with Hoofy and Boo teaming up with Mickey and Minnie, have been the highlights of this trip.
Some top line (away from the turret) observations:
- From what I can tell, today's bounce has an obligatory feel to it, with tech and financials begrudgingly higher. The initial (out of the gate) probe lower was intuitive after yesterday's carnage and, perhaps, this bounce is equally anticipated.
- As discussed this morning, a one day wash may be wishful thinking and while I nibbled a bit (SunMicro, Goldenstar)-and sold some financial puts into the vol pop-my sense is that rallies can be sold until Hoofy mounts our many trendlines (former support, current resistance).
- Based on anecdotal tire kicking, it sure feels like most people bought-not sold-the recent dip. Remember, the indices suffered a mere pimple in the context of the broader complexion. 3%? Keep it in perspective as we collectively find our way.
- The markets are a leading indicator in a finance based, asset-dependent economy. So while there may not be a "fundamental shift in the economic outlook," I would venture to guess that there would be some collateral damage if equities continued to slip.
- Many thanks to Goldman Sachs for their upgrade of SunMicro this morning. Funny how it happened just as the stock tickled the sexy six level, eh?
- Note to Macke: Please remove your chew cup and the empty Sun Chip wrapper from my office before you leave. I love you brother but cleanliness is next to godliness.
- I'm gonna jimmy to LAX later tonight for my redeye back to the saddle. I touch down in the early morning and should be back in the saddle by the opening. I've got a heavy docket in store, including a mindmeld packed afternoon. Jeez, I sure hope I've got enough juice left in the tank to attend our monthly Rolling Bones Minyanfest at the Red Lion (area Minyans are welcome to attend!)
- Good luck Minyans-and just remember that your net worth and self-worth are mutually exclusive endeavors!
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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