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The Faint Saint


From our family to yours--may peace be with you!


Stephen Prosper in his time
Well he may and he may decline
Did it matter? Does it now?
Stephen would answer if he only knew how

(Grateful Dead)

I've been doing this a long time and I've learned that there will be times when you see it and times when it's fuzzy. The goal is to not let yourself feel too good when you're rocking or too bad when you're not. It's surely easier said than done but that doesn't mean we can't try. Perspective is necessary now, more than ever, whether we're talking stocks or the human condition. Keep your head on.

The question we must ask ourselves is if we believe we've begun a new bull market. IF you think that the answer to that question is yes, you should be using pullbacks to add exposure. If you don't subscribe to that notion, however, then this is a compelling opportunity to use price to your advantage and make sales. I'm clearly in the latter camp and while I may be wrong, chances are I'm simply early. It's worth noting, by the way, that despite the recent rippage, the S&P is still in the process of making it's third "lower high" since the November Razor Burn.

This is the most vicious rally I can remember and if form holds, the ramifications are daunting. Perhaps I'm in denial, but I recall with great clarity similar feelings of doubt as we were approaching important cusps. Maybe this time IS different but I'm willing to scale into defined risk puts and find out. With the VIX getting crunched, I think the potential reward warrants that risk.

In any event, I'll see many of you at March Madness Minyanfest on Sunday and the rest of you Monday morning. Brian Reynolds and Charlotte-Anne Lucas will be joining the family so please make sure to send them a ping and offer a warm Minyan hello. If you didn't make enough or lost too much today, don't let it ruin your weekend. As my grandfather Ruby used to say, this too shall pass. Besides--there's a lot of evil in the world today. It could be worse--it could be raining.

Have a peaceful weekend.

position in s&p

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

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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