Fire in the Hole!
They can't rally this tape with this much uncertainty out there....can they?
Money's tight, nothin' free,
Won't somebody come and rescue me?
I am stranded, caught in the crossfire
Stranded, caught in the crossfire.
(Stevie Ray Vaughn)
Does anybody know the world record for sashimi consumption in one sitting? You have to picture this...I was sitting with a mound--and I mean a MOUND--of raw fish on my desk, Darol (my lunch meeting) was on the couch pitching the merits of Monty, Rick Schottenfeld is next to me (perusing the nasty BTK chart) and Fokker (in his infinite wisdom) was...what the hell WAS he doing? Hey...are you a pot smoker Fokker?
In the middle of all of this madness (and despite Greg R.N's obvious attempts to throw me off my game),my eyes kept migrating towards the five day charts (NDX, S&P). I looked at Darol and said "dude, if they turn this tape, they're gonna catch EVERYONE napping!" Sure enough, as I write this column to my fellow Minyans, I'm watching the macro hedgies squeeze the locals and trigger buy stops. It's a vicious game of chicken, my friends--and it's not for the meek.
I continue to sense a stiff rip higher but I'm not sure that this latest sell-off constitutes the "hard drop" that the Shim Sham called for. I've set a level where I fish and cut bait on my bear leg appendage (S&P 850) but, as I know most of you don't trade in a similar fashion, I'd like to communicate a more helpful discourse. Hey, when in doubt, sit it out...or do a bit less. I know that's not a white hot trading call, but I'll always try to add value where I can.
Best guess? Without the financials, this upside try will prove to be short lived. I see the internals trying to turn the corner but there's still two losers for every winner. If either of these chief tells start to improve, I'd get out of the way on the short side. The upside is clearly the least likely direction (in front of Colin and Chambo) but THAT, my friends, is why we've got to respect it's potential. You've heard of Murphy's law? Well, this is Minxy law--and it puts the Murph to shame.
I'm jamming a bit today so apologies for the lag in posts--it's been one of those (long) days. Ja know?
I'll be bah-hak!
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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