Put the Candle Back!
By Todd Harrison Mar 10, 2004 3:33 pm
May peace be with you!
"Love is the only thing that can save this poor creature, and I am going to convince him that he is loved even at the cost of my own life. No matter what you hear in there, no matter how cruelly I beg you, no matter how terribly I may scream, do not open this door or you will undo everything I have worked for. Do you understand? DO NOT OPEN THIS DOOR."
Dr. Friedrich von Frankenstein
The afternoon cruise is startin' to bruise as the bears all swarm and the bulls all lose. We've been talking about the litiny of levels and how, one by one, they've given way in the fray. Now, as the break is starting to take, the line is filing behind. Cyclicals, semis, drugs, energy, small caps, trannies, biotechs, brokers--you name it, they're flamin' it. What a hump!
We've got a handful of earnings tonight (Tech Data (TECD:NASD)) and a bevy of Beeks in the morning (retail sales, jobless claims, etc.) but the metric du jour is clearly technical. In the absence of fundamental inputs, either psychology or technical analysis will take the baton. Often, as is the case now, one leads the other and sets the tone. Of course, there's always the structural metric (liquidity) but it's hard to trade what you can't see.
It's getting late and I've got my lazy eye watching the uber-important S&P 1125 zone. More important, after a few straight weeks of eighteen hour days, I'm actually toying with the idea of grabbing a workout and (gasp!) giving myself the night off. One of my goals this year was to be good to others and better to myself and it's about time I started to practice what I preach. Besides, Mr. Collins and I start our one month race to thindom tomorrow and I've gotta get my groove on!
Be smart as we edge to the bell and remember, Minyans, the definition of an investment should never be a trade that moved against you. Good traders know how to make money but great traders know how to take a loss. That's hard to swallow when you're taking your lumps but we've all been there and you can be sure we'll be there again. Tomorrow's a new day, fresh with promise and filled with opportunity, so keep it in perspective.
Have a peaceful night.
No positions in stocks mentioned.
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