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Flights of Fancy

By

Road Trip!

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Some folks like to get away
Take a holiday from the neighborhood
Hop a flight to Miami Beach
Or to Hollywood


(Billy Joel)


Well Minyans, I suppose it was only a matter of time. My office door just swung open and there they were--the menagerie in all their glory. Boo pranced in sportin' his leather jacket, Hoofy was pimpin' in a light blue velour jump suit, Snapper was wearing a visor and carrying a clipboard, Sammy slithered in as is (he's an agent--get it?) and Daisy sauntered in wearing a skimpy sun dress. Hey Daisy, I have two words for you--brassiere!

Before we saddled up and headed to JFK, they dropped their luggage with Bellboy Collins and joined me at my turret. As we watched the flicks ticker, Hoofy pointed out traction in the breadth (9:5 positive), the ability of the financials to (thus far) hold and the upside sneakage of the cyclicals (despite General Electric (GE:NYSE). "We're pretty oversold and sentiment got fugly in a hurry. When the downside becomes obvious, it's less likely."

Boo, not missing a beat, put on his Ray Bans (ala Risky Business) and said "You know, Toddo, sometimes you gotta say what the funk...make your move." He pulled out a stick of gum (he quit smoking) and continued "I haven't seen a bounce this obvious since Daisy was on a trampoline! You know perfectly well that the most vicious legs of a trading move occur in oversold conditions. It happened on the way up and it'll happen on the way down. And I don't know what glue Hoofy is sniffin' but sentiment has a long way to go before it gets to compelling or extreme levels."

They both make valid points, as usual, and the action today is a two-sided interpretation (although the Minx is starting to cough). We're still in the twilight zone of yesterday's range and while Snapper is out there, the longer we trade sideways (below support), the more likely it is that we're churning rather than basing. Case in point? Look at last week's action...and until the series of lower highs and lower lows is broken, Boo will continue to maintain the advantage.

I'll be on the Buzz for a bit longer and then it's time to take the show on the road. As I told my fellow professors this morning, its uber-important that we enjoy the journey and appreciate each and every step. All too often, we spend our time trying to get to a better tomorrow and, in the process, forget the beauty of the day. Be careful for what you wish for, Minyans, for by the time you finally arrive at the destination, the game will have already ended.

As always, I hope this finds you well.


R.P.
No positions in stocks mentioned.

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.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

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