Hey Toddo--you must be chilly without your fur!
Take up your china doll
It's only fractured -
And just a little nervous
From the fall
(The Grateful Dead)
You can almost see the trepidation in the air as we edge through this Friday morning and, with the inability to garner initial jig from the economic numbers, eyebrows are starting to lift. As my good friend and mentor Slaino says (in his Bahstan accent) "The mahket won't go up until the real buyers show up." Right you are, Dave, and thus far, the real buyers are quieter than a mouse fart (eww!).
Some early thoughts: The BKX rallied right to our 725 resistance level and was turned down like a 10 year old in a liquor shop. As the tape fluxed, the macro's came in and offered a chunk of NDA's (Nazz futures) and the tug-o-war had officially begun. The early test was intuitive--now we just gotta figure out if it holds or folds.
I've been juggling more thoughts than usual this morning--and that's saying something--and while I can't shake that melty feeling, I'm not aggressively pressing. I bought some defined risk downsides in the financials on the test of 725 but, as it's unclear, I only bought 25% of my position. That's what I like to call "trading in-between" and I've found it helpful when it's cloudy and unclear.
I've got to hop and dance with the Minx but before I do, I've got to ask a quick favor. Anybody who's ordered ANYTHING from our fantastic little town and has yet to receive it, please ping Greg RN at Fokker@Minyanville.com and let us know. A.J told me he hasn't got his cookies (uh...hint!) and I want to make sure that you're ALL taken care of.
Fare ye well.
Daily Recap Newsletter