Any Given Sunday!
I can't believe the news today
I can't close my eyes and make it go away
How long...How long must we sing this song?
How long? How long...
I've often opined that a good trader knows how to make money but a GREAT trader knows how to take a loss. I've spoken to a lot of players this morning who are in search of greatness as they're lugging exposure and waiting for the Snapper. I can't tell them when are resident turtle is gonna peek his beak around the corner but I will say this: hope is NOT a viable investment vehicle. If you can't focus and you're having trouble breathing, chances are you're too big--regardless of your posture.
While I undressed from my bear costume and I'm currently trading naked (stop staring Fokker!), I'll be the first to admit that I'm not immune to the sirens of temptation. The old Toddo might have pressed the break (got shorter on the technical violation) but that would be inconsistent with my current approach. I don't need to be a big hitter--I just want to stroke the ball and have a high on-base percentage. Sexy? Maybe not--but in this market, it's safety first.
The N's over S battle is starting to heat up and I'm starting to get that tingly feeling. On the one hand, the banks (Citigroup) trade heavy and the internals are 2:1 negative. Across the way, Cisco and Microsoft act well, the retailers and semis are "holding" and it feels like there are fresh shorts in the market.
I've gotta tell you, I'm toying with the idea of dusting off the bull costume for a schnitz. I know it's counterintuitive and inconsistent (unless, of course, it works) but I like the action. Hey...you can try anything as long as you're disciplined, right? One leg in the bull costume...and we'll place an S&P 830 stop on the Hoofster.
Engine room, more steam!
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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