The Funky Fungo
Uhh--Fokker's starting to concern me, Toddo!
"There's enough pressure in the game that you need to have some fun. You need to get away from it. You need to enjoy yourself. I went though a tough time as a player because I took the game home with me. It never went away. You need time just to do what you do to relax."
--New York Yankee's Manager Joe Torre
Is there something going on that I'm unaware of? The market is full of spikes, the tape is littered with whips and Fokker just walked into the trading room wearing a full length leather body suit! My goodness--am I really that naive? Hey Florence--do me a favor and keep your dirty little secrets to yourself--I'm trying to trade here!
Today's action, despite the volatility, is shaping up as much ado about nuttin', honey. Yes, the tone is fine--but the breadth never confirmed. Sure, the banks are higher--but we knew Hoofy was gonna defend BKX 700 the first time. The bulls will say that we're basing--but the bears will argue that this churn is a simple pause before a resumption of the slippage. In short, the Minxy jury remains out.
I haven't seen any material shifts in my trading metrics that would warrant my undressing from the bear costume. The wildcard, of course, is the psychological element and that's tough to game. Again, I'd love to see the emotional types reach for the low hanging upside fruit (hope) but that's yet to happen. Technically, it's still problematic. Fundamentally, there's nothing to get excited about. Structurally, there's geopolitical risk and outside of the perception that we're closer to war, not much has changed.
I'm gonna hop home with my defined risk April puts in tow and listen to the sage words of the Yankee skipper. The stress of this business can be overwhelming at times and if you don't find a constructive way to balance yourself, the time bomb will continue to tick. Go for a run...head to the gym...play with your kids--do something that takes your mind off the flickering ticks. We've got all of tomorrow to stress--take advantage of your down time when you can.
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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