Those pesky finanicals have stolen my mojo!
Cold iron shackles and a ball and chain
Listen to the whistle of the evening train
You know you bound to wind up dead
if you don't head back to Tennessee, Jed
The results are in and we've got a winna! No, Minyans, my middle name isn't "O" or "Ruby" and, despite the picture on the site, it's not "Dylan" or "McEnroe." "Heathcliffe," "Gnat Boy" (funny Dunny) and "Zachariah" were also off the mark although they offered a couple of quick chuckles in the trading room. Longtime reader and all around good guy Jed Pomerantz correctly guessed "Andrew" and he's secured himself a kick-ass Minyanville Tee! Wasabi!
The lunch crunch continues as the Minx struggles to find her footing. A blurb crossed the wires that the U.S has information that Iraqis are placing explosives at oil fields and I'm carefully watching crude (to see if it secures a bid). The macro crosscurrents continue to lead the Minx around by the nose and my trading eyes are actively scanning between the dollar (still weak), gold (forming a pennant formation of it's own), crude (discussed) as well as my equity tells (breadth, financials, semis, cyclicals, levels).
While my girthy gut continues to favor the short side, I'm in quick hit mode as I look to secure tactical trades. We've long discussed the virtues of hitting for average rather than power and I continue to favor this methodology. We're clearly miss the home run trade at times but our on base percentage will improve significantly and, in this environment, every run counts.
Thus far, supply has stuffed each rally attempt and absent news, I have a hard time seeing Snapper emerge. Poole's FNM/FRE chatter was the last thing the financials needed as they clinged to support. Now, with the pennant formation resolved to the downside, the path of least resistance, while already lower, has been greased. I'm not pressing, per se, but my stylistic approach dictates that I short to cover rather than buy to sell. A'ight?
Watch SOX 280 (there now) and NDX 970ish (edging through) as important levels for tech and don't try to make up for lost ground by overtrading. These are the types of tapes that are unforgiving and potentially deadly. Before you commit your hard earned capital, make certain that you've adequately measured the risk/reward profile and, more importantly, that you've got strategy (and horizon) in place. It's hard enough to run a play in this muck without having to call constant audibles!
I've gotta hop. I hope ya'll faring well.
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