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The Standard Fare

By

Aren't we supposed to SELL hope and BUY despair?

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The opening bell tolls and freak week has officially begun. The noise was a tad louder than usual as nerves are a bit frayed. Everywhere you look, there's somebody telling you what the market is gonna do, when the market is gonna do it and how to best position yourself for that move. Let me be crystal clear on one point, Minyans--nobody, and I mean NOBODY, knows what the market is going to do. While it's entirely alright to listen to respected opinions, understand that THE decision on how to approach the tape is yours alone to make. You'll reap the rewards if you're right or pay the price if you're wrong--so choose wisely and remain lucid.

I continue to hear bullish chatter regarding the pending clarity and while I may not agree with it, I certainly respect it. Indeed, the opening weakness was bought and the market internals have migrated towards a positive posture. The dollar is weaker (although off it's worst levels), treasuries and gold are holding their bid and the semis are attempting to lead by example. And it's only been a half hour!

One could argue that the first move was the "easier" trade although I didn't fade (read: buy) it with any size. I'm seeing buyers trip over themselves to get long as news hits the tape that the U.S will withdraw it's resolution and it wont go to a U.N vote. Despite the price action, I have a hard time seeing why this is bullish--but that's simply MY humble opinion. The fear of missing is unusually palpable this morning--be careful.

Good luck in the muck!

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 todd@minyanville.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.

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