May peace be with you!
And the battle's just begun
There's many lost but tell me who has won?
The trench is dug within our hearts
And mothers, children, brothers, sisters torn apart
Having a tough day? Didn't make enough money? In a bad mood? At the risk of seeming insensitive (I'm surely not), I'll once again remind you that it could be worse. While traders attempt to discount the war and it's financial ramifications, a lot of families are watching the news and holding their breath. Yes, your P&L matters -- it's why we trade. But it's not why we live.
Some afternoon tax-cut jitters spooked the Minx but, for the most part, she managed to shrug it off and stem yesterday's bleeding. A combination macro influences (dollar, crude), asset alligators (rotating money into equities) and anxious traders (fear of missing) all contributed to the mix and Hoofy will enter Hump Day with the ball.
S&P 860 to S&P 880 has become the "zone within a zone" and it's something to monitor as we look ahead. If the bovine can manage to get their groove on and pierce the lower band of yesterday's opening gap (S&P 880), there's a potential vacuum to Friday's highs (S&P 895). It's surely not a guarantee (what is?) but it's worth a mention as we continue to find our way.
The bulls bounced back today with strong breadth, broad action and the knowledge that quarter end could spur further "performance anxiety." Boo, meanwhile, sensed that the bulls would defend S&P 850-860 and notes the widespread complacency (VIX), global tensions and light volume. Me? You guys know where I stand -- I've got a smattering of cheapie puts, one leg in my bear costume and enough respect NOT to make a huge bet (either way).
In our Minyanville poll (N.B.A MVP), Kevin Garnett took first place with T-Mac and Tim Duncan rounding out the top three. I was somewhat surprised that neither Kobe or Iverson made the list but that just goes to show you how tight this year's race is. Either way, the Minyans have spoken and it's duly noted -- and it's a fine choice at that!
I've got All-Star Minyans Snoop Tone and B-Mac in my office so lemme hop and talk some shop. If you're able, turn off the night vision and turn on your love light -- there's no excuse for wasting valuable time. On that note, I'm gonna hop and spend some time with my buddies...it's the best trade of the day!
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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