College Tries and Puffy Eyes
Hey Sally--you're a panicker!
"The time has come for someone to put his foot down. And that foot is me."
---Dean Vernon Wormer, Faber College
Hey Fokker, is that a pledge pin on your uniform? I would probably be able to see for myself if these hair follicles weren't piled so high on my desk! These are truly stressful days. How stressful are they? Tony and I aren't just thinking alike--we're stating to look alike! I hope you're right Snoop and chicks dig bald guys 'cause I'm quickly approaching the ranks of the follically challenged!
Alright, so why did I usher the bear costume back to the closet earlier? I sensed that the banks would try and make a stand near BKX 650 and IF (big if) they started to exhibit some jig, it would likely spook some of the ursine uglies. I always attempt to climb inside the collective psychology and if I was feeling anxious on the short side (I was), there were likely many others who were equally schvitzing. Besides, Snapper was bound to give the upside the 'ol college try and I wanted to view it rather than fight it.
There's a lot of pressers and guessers in today's market and, as such, the action is emotional and whippy. I've heard some real horror stories regarding the pre-opening Osama head fake and I know that traders are holding onto the handlebars extra tight. I was feeling it myself--and despite my bearish predication, I'm trying to pick my stops and stay nimble. Besides, I've learned, through the years never to let an opinion get in the way of making money. If the market wants to go higher, it really doesn't matter what this pawn thinks.
We're far from being out of the woods and regardless of what happens in the next few hours (sessions), I don't "think" we've seen the lows. A lot of technical damage has occurred and there's plenty of reasons why the market should be lower. However, with so many unknowns remaining and a "binary" vote coming in the U.N, I'm just trying to hold on and (humbly) take what the Minx will give.
By the way, the answer to the joke was "fsh." It was a rhetorical question but there are a lot of curious Minyans out there and I didn't wanna leave you hanging. Speaking of a hanging, keep an eye on that breadth--despite Snapper's best efforts, we're still chillin' at 2:1 negative. HEY--what a surprise--Snoop Tone just popped his head into my office to say hi. Why did I think of Jack Nicholson in the Shining just now? "Heeeeeeeeeere's Tony!"
Hope you're all hanging tough--I'll be back.
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 email@example.com.
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