Hey Toddo--grab my Birkenstocks, call Tommy Carden and let's get on with the show!
Faring thee well now.
Let your life proceed by its own design.
Nothing to tell now.
Let the words be yours, I'm done with mine.
Well, my friends, another session is slowly creeping towards completion and traders are left to wonder if today's action is a Friday redeux. Sideways movement is always left open to interpretation and we've discussed the difference between basing and churning. The last time we grinded around these levels, it alleviated the oversold condition before continuing lower. Will this action prove to be the bipolar opposite? Time will tell, Mon Frere, and we'll only find out by taking our journey one step at a time.
Elmer took the fifth and offered no assessment regarding the economy. At first, his "non-statement" irked me but as I ruminated, I decided that I'd rather him admit his uncertainty than make something up. Often times, public figures and corporate chieftains feel the need to create a view and that often paints them into a corner. There's no shame in admitting you don't know--these are tough times. Besides, there's a very real chance that the end of the script has yet to be written!
You could almost hear the market burp as she digests her latest rally and it's hard to argue that the tape acts anything but fabu. Still, I plan on powering down with three appendages in my metaphorical bear costume (first time in a while) and defined risk on my sheets. I suppose it stands to reason--I AM going to the Robert Hunter show with grandpa Neil and dancing bears will be everywhere! I hope he remembers the "know your customer rule!" Wasabi!
ORCL will paint the tape after the close and we've got a handful of other companies reporting manana. The bulls will be scanning furiously for "upside confirmation" and the little devil on my shoulder is wondering if this rally must end on good news rather than bad. I don't sense that's tonight's business, per se, but it's in the back of my mind and now it's on the front of your screen.
Finally, I want to thank the faithful Minyans for the continued support and fantastic feedback. I watch our community grow each day and it remains a truly humbling experience. We've really tried to zag here and create an environment based on learning, trust and humility. It's a unique endeavor in the wilds of Wall Street but with you're help, we're getting it done. On behalf of the critters, I just wanted to tell you that it's much appreciated and I'm looking forward to shaking many of your hands this Sunday at Minyanfest.
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.
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