Spark in the Dark
By Todd Harrison Feb 09, 2004 3:25 pm
Good luck into the bell!
You can't start a fire
You can't start a fire without a spark
This gun's for hire
even if we're just dancing in the dark
Well Minyans, it's just another day in the minxy fray as we eyeball the week's first closing bell. To call this session boring would be an upside exaggeration--it's so quiet, you can hear a mouse pee on a cotton ball! With that said, we've seen sneaky last minute freaks before, so let's stay on our toes as we ready ourselves for the important stuff.
First things first, and despite several tries, the Minx has yet to push through our initial resistance zones (S&P 1142/NDX 1500/BKX 1000). The secondary ceilings are more substantial but, nonetheless, our journey is all about taking it one step at a time. As of this post, those baby steps are starting to whine as semis turn red and the day traders look to flatten. And all the while, Fokker is sippin' coffee as Mini-G (G-Lo?) shines his shoes. Hey Toddo...Rod Serling on line two!
The quickie blurb in my Randoms (regarding a potentially 'bigger' bubble) created quite the stir and I wanted to briefly circle back to it. I don't subscribe to that scenario--I think anybody that's been reading me is fairly clear on my (humble) view--but that's kinda the point. I've known him for 15 years and was shocked to hear of his thesis. It was so far outside the realm of my reality--and it came from a pretty lucid guy--that I had to mention it. Remember, you always wanna see both sides of every trade even if you can't fathom it.
As for the here and now, I'm more inclined to trade from the short side with our upside levels offering "stop" zones. How tight you are--and what method you employ--is a function of your individual style. For my part, and as discussed this morning, I think that Friday's pop had a lot more to do with extraneous influences than the payroll data. There's risk to the short thesis--constructive stochastics, an accommodative Elmer, "fine" fundamentals--but that's my gut for now.
I'm gonna hop fetch Fokker some sweetner so fare ye well to the bell. Again, it's been nutty in the city of critters but a week from tomorrow, it'll all make sense to you. Thanks kindly for the continued support and, at the risk of redundancy, I'll leave you with my favorite quote from the Champ. "Today I'm 59, tomorrow I'll be sixty. Yesterday I was 22. Don't wake up tomorrow and wish you had today to do all over again."
Have a peaceful night.
position in qqq
Get The Minyanville
Daily Recap Newsletter
Daily Recap Newsletter