Hey Fokker--if you stop staring at the phone, maybe it'll ring!
Cecilia, You're breaking my heart
You're shaking my confidence daily
Oh Cecilia, I'm down on my knees
I'm begging you please to come home
Alright, I couldn't help myself--one more missive before I scoot to my midtown mind meld. I've got to keep it short so please bear with me.
Taking an objective step back, today wasn't a pretty picture for the bulls. I know there are positive nestled in this mess--if you look hard--but the negatives are overt and they deserve respect. The "bearish reversal" is notable because, for all intents and purposes, the bulls had Boo dead to rights. There was "positive" news this weekend, the SOX was breaking out and those pesky "W's" seemed to sneak up on everyone. Fast forward seven hours and the semis are down 4%, the banks are firmly in the red and the dollar continued it's slide. That's the type of action that can shift psychology and hand the baton back to the bears.
Yes, we had a decent call on the morning fade but we didn't press the bet. I'm not upset, mind you--despite my desire to make some serious coin, I know that the mechanics of the swing are more important than the results of the at-bat. It's easy to look back and second guess our trading decisions but when we were discussing the downside, the fade trade was dicey at best. Seriouisly--at the time of my pea shooter put purchases, it looked like I'd have every opportunity to buy 'em cheaper!
I've really got to run to my meeting but before I go, I'd like to personally thank Richard and Dalton Schroeder for the fantastic Santa Barbara County Fireman's helmet they sent. I've proudly displayed it in the center of the Minyanville Hall of Fame right between my Lawrence Taylor Giant's helmet and the Joe Namath Jet's lid. That's above and beyond, fellas--THANK YOU!
It's time to turn it off and tune it out so power down and leave it be until tomorrow. As I learned in Miraval, the average mind thinks 60,000 thoughts per day. Of those, 40,000 are recurring. If we factor in how much time we spend planning for the future and what we need to do, how much time is left to enjoy the here and now? Think about that...and then go do something about it!
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.
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.
Daily Recap Newsletter