Dancing in the Palace
I can play Snow White!
Fare you well my honey
Fare you well my only true one
All the birds that were singing
Have flown except you alone
Well, my friends, it's almost time for Grumpy to power down and find his Snow White. Before I do, and as you should always take the time to tell someone you care, I thought I'd fire off a final missive before our requisite two day respite. I know you're tired--and with reason--but this next hour is important on a number of levels. It's also how you'll greet the Minx when we fire this baby back up on Monday.
It's been a long week for those who stand long but Snapper and Hoofy are doing everything they can to end it on a chipper note. Every dog..or turtle...or bull...has his day and perhaps this is theirs--the breadth has been firm all session, the stochastics (and other oscillators) are borderline jiggy and there's some room before technical resistance comes back into play (particularly for the techs).
Those clues may buffer the near-term bruise but the bigger picture is far fuzzier. I can "see" the mirror image of last March in the current landscape but the floral majority has instead chosen to smell the roses. It makes sense, right? By the time the bloom is gone, the cracks will have already been exposed. Your mission (should you choose to accept it) is to position yourself such that you participate if they run but are protected if they're done.
Every (single) trader I speak with thinks they rally on Monday and I suppose that view, coupled with the oversold scold, is lending a bid and halting the skid. Still, volume is anemic and that fact isn't lost on young Boo. "Tapes that drop on heavy volume and rally when things quiet is characteristic of distribution." The bear has a point, I suppose, but traders stopped listening to Boo long ago.
I'm gonna drag my sorry bones home so lemme (again) take this time to wish you a peaceful weekend. I would like to especially thank all those who've expressed an interest in becoming Minyan Ambassadors. This program isn't exclusive--that simply wouldn't be our style--and I'm jazzed that so many old friends wanna earn while they learn. Information will be sent later tonight and it's not too late to get involved!
I'm outie, folks--may peace be with you.
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.
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