Just call me Al GORE!
Well show me the way
To the next whiskey bar
Oh, don't ask why
Oh, don't ask why
I've gotta tell ya, my friends, this action sucks the energy right outa ya! My keyboard died at 3:45 (I was unable to navigate my systems) and despite my aggravation, I couldn't even muster the strength to stand up and yell at Fokker! I swear, kid, if hear the slightest hint of a giggle out of you I'm gonna publicly flog you at Minyanfest! Come to think of it, you're getting flogged whether you giggle or not! Off with your head!
Hump Day was a wild ride and a lot of traders I spoke with are not leaving as happy campers. The whippage began from the word "go" when the false Osama capture hit the tape. From there, it was an up-down-up-DOWN-UP endeavor and if you weren't razor sharp and super tight, chances are you took a beating, Henry Hill. Quick--somebody call Janice Rossi in 2R!
The late day upside reversal was impressive (but squeezy) although there's a few irky items worth mentioning. The breadth, despite the jiggy futures, never confirmed the upside (both sectors closed with more losers then winners). Further, the rally took us right back to S&P 806 (resistance) and the bottom, while still "in tact" doesn't feel very stable. On the flip side, the semis held their bid all day and that lent to another N's over S's performance. I never did pull the trigger on that pairs trade but the concept continues to intrigue me.
We could certainly see some upside follow through as the bulls run with the sentiment but I'd keep the champagne in the fridge for the time being. We still need to find some clarity on the U.Nity issue (one way or the other) and, while Hoofy took today's battle, the war is far from over. For my part, we did the Texas two-step with our imagery and (luckily) stayed out of harms way. I'm dragging my (bare) bones home relatively flat and conscious of the risks (both ways).
On that note, lemme sign off as I need to squeeze a workout in before my head pops. The stress is at DEFCON levels and if you don't find a healthy way to release the pressure, it's only going to make matters worse. Turn it off, tune it out and find some balance. If you don't figure out a way to moderate, you'll likely burn out before we reach the finish line. And that, my friends, would be a shame.
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 email@example.com.
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.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap Newsletter