I'm going Hollywood baby!
We've both been sound asleep,
Wake up, little Susie, and weep
The movie's over, it's four o'clock
And we're in trouble deep
(The Everly Brothers)
The afternoon snooze continues to cruise as the bears dance a jig and the bulls sing the blues. The action is unremarkable in many ways and more likely than not, traders are fried, tried and weary eyed. It's understandable--the critters are breathing heavy and resting their paws on their knees--but I told them to stay sharp. We've got a short sprint to the weekend print and the witches are sure to cause twitches!
It was a whippy five session span that didn't really get us anywhere. The bears entered the week with their forks ready but the bulls responded with their corks steady. There was a handful of news--and plenty of underlying chatter--but the combination of expiration and lack of conviction (light volumes) kept most players on the court. And after our requisite two day respite, we'll get to jump ball and do it all again.
Next week's news includes a handful of earnings (Goldman (GS:NYSE), Micron (MU:NYSE)), a buncha Beeks (durable goods, GDP, Wolverine), a collection of conferences (CSFB wireless, Morgan energy) and a Minyan road show. The critters and I will be on the left coast from Wednesday through Friday and while I'll do my best to check in, know that the other professors are gonna step up. You're in good hands, my friends, and the Buzz must go on!
Not much has changed in the Minxy mix as we're slithering sideways and taking it all in. My gut (along with other measures) dictates that we've got a bit further downside (under S&P 1100) before an eventual bounce (that ultimately fails). The stochastics (and perhaps psychology) warrant respect as Snapper is losing popularity in critter circles. I only hope that his Terrapin troop from Maryland suffers the same fate when they face my (overmatched) Orangemen on Saturday!
I'm gonna jump and juggle as I've got a few calls and an expiration to focus on. It's been a long week and I urge you all to take some time in the days ahead to rebalance and rejuvenate. You work to live--you don't live to work--but that's easier said than done when you're up to your ears in muck. I'm a hypocrite, I know, but that doesn't mean we should stop trying! Have a fantastic weekend and may peace be with you.
Good luck into the closing bell.
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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