Come with me Hoofy--I'll take your mind off the tape!
We came in spastic like tameless horses
We left in plastic like numbered corpses
And we learned fast to travel light
Our arms were heavy but our bellies were tight
Well, my friends, another fantastically brutal session is in the books and after a massive battle, Boo's bandit's ran away with the ball--and the profits! The Dow Jones Industrial Average is now flirting with double digit losses and the S&P, after breaking February's low, is within spittin' distance of the October abyss. It's enough to drive a Minyan mad, I'll tell ya, but that would be an emotional reaction--and emotional trading isn't allowed in Minyanville.
I'll shiver through the overnight session without significant exposure and while I'm sure Boo's pissed, I'm not gonna abuse myself for adhering to a plan of attack. The goal, when trading, is to map out a strategy, use prices to our advantage and maintain our discipline at all costs. If I planned to fade rallies and build short side exposure and THEN strayed from that agenda, I'd have to put corks on the forks. I didn't, therefore Ruprecht and I are safe for a night. Tell Lady Fanny of Omaha!
There aren't many positives to point to these days--the fundies suck, the technicals are scary, the structural is uncertain and the psychology continues to harbor hope. While it's true that the news is always the worst at the bottom, there is risk in discounting whether we're currently there. I continue to feel that the October lows need to be dust in the wind (dude) before we can garner some sustainable jig but, as you know, I'm not heavily betting in that direction. Rather, I'm in squirrel mode and looking to build my acorn collection.
Alas, it's time to turn it off and tune it out so if you're obsessing about stocks, STOP IT! Balance will not only improve your quality of life, it'll offer perspective which, in turn, will lead to a more lucid thought process. We work to live--we don't live to work--and sometimes it's easy to lose sight of that small fact. In that vein, and on behalf of the critters, I bid you adieu.
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.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
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