At center, seven feet from Georgetown, Paaaaaatrick Ewing!
Helplessly hoping her harlequin hovers nearby
Awaiting a word.
Gasping at glimpses gentle true spirit
He runs, wishing he could fly
Only to trip at the sound of good-bye
The early afternoon continues to edge along and traders I speak with are bored to tears. They must not be reading Minyanville--for if they we're they'd be involved in our jazzy pop quiz! Snaps to Adam Friedman for being the first Minyan to correctly identify squirrel as the answer to our hairy question. You've won yourself a free Minyanville Tee, baby--wear it proud!
Meanwhile, back at the ranch, Snapper has decided to poke around and see what kind of supply is in the marketplace. His initial (light volume) effort managed to turn the Nasdaq green (it's been dry all day) but he's having a tougher go of it on the big board. I'm watching the NYSE breadth like a hawk and my eyes are scanning between that, the brokers (Goldman), the cyclicals (GM), the retailers (HD), Intel and Fokker. No, friends---she still hasn't called.
Watch S&P 827ish--it's the previous "higher low" (Feb 26th) and we've held there twice today. The marginal rally in the dollar and the lack of follow-through (thus far) on the downside has given the bulls some hope, but it is interesting to note that I just saw a slug of QQQ to buy and it didn't budge the Minx. Also, keep an eye on crude--it's sneaking higher again and that has the potential to quell sentiment.
It's uber-thin and non-committal out there, so factor that into your trading strategy if you've got risk on. I don't think that Snapper can turn 'em higher but I've certainly been wrong before. Either way, I have my defined risk downsides on and if they lift 'em, I've got powder to deploy. I've also been gingerly trading intraday, MaryAnn, in an effort to complement my risk profile. It's slow--but there are trades out there if you're patient and alert. And yes, it's still my (most) humble opinion that further downside is a matter of when, not if.
Deep breaths as we continue to trudge ahead. Frustration and impatience are no excuse for poor capital management so think before you act. At the end of the year, we're judged by our wins minus our losses. Cutting down on the latter will only enhance the former.
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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