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.
Daily Recap Newsletter