Those Aren't Pillows!
Hey chubby--quit stallin' and get to the gym!
Don't let me stand in your way, please don't let me stand in your way. The last thing I want to be remembered as is an annoying blabbermouth... You know, nothing grinds my gears worse than some chowderhead that doesn't know when to keep his big trap shut... If you catch me running off with my mouth, just give me a poke on the chubbs...
Planes, Trains and Automobiles
Another session is in the books but before I power down, I wanted to sneak one more post out to my fellow Minyans. Today had a little something for everyone and, along those lines, I pulled a Texas two-step and played both sides against the middle. It's important for me to say (once again) that my style isn't for everyone--I only share it with hopes that it adds value to your process...whatever your process may be.
The S&P pinned 840 (Shocker Fokker!) and I've got no doubt that Hoofy and Boo will spend the better part of the night bending my ear. My instincts on the initial pressure (by the shorts) was to fade (read: buy) 'em and I continue to be intrigued on the long side (for a trade back to S&P 870ish). However, with the cracks in the foundation and the overnight unknowns, discipline dictated that I flatten out---and flatten out I did.
No, Mr. Depends, my reason for not suiting up isn't a function of my ever-expanding waistline--it's out of respect for the tape. There is gap risk (both ways) and while we'll surely miss moves at times (get used to it), opportunities are made up easier than loses. I know you hear this often---but are you listening?
I'm still not convinced that we've seen the Shim to our Sham, but the notion of a schnitzel higher before the leg lower before the stiff lift--are you with me?--is starting to creep into my keppe. In other words, we may need to alleviate the near-term oversold condition (via a relief rally) before THE shakeout. You know what? I'm confusing myself now!
I'm gonna finish up and get to the gym (I swear) but before I do, I want to share something that the lovely and talented Cathy Zicherman said to me today. We were discussing the merits of the market and the necessity of balance. I told her that, through all this muck, it's important that we try to enjoy our journey. Without missing a beat, she replied "Well, we've got to Toddo...by the time we get to the destination, it's already over."
Have a peaceful night.
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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