Gone but not Forgotten
May peace be with you!
Nine mile skid on a ten mile ride,
Hot as a pistol but cool inside.
Cat on a tin roof, dogs in a pile,
Nothin' left to do but smile, smile, smile!!!!
Well my friends, it's about that time. I can't recall a span of consecutive weeks as nutty as what we're currently experiencing and I'd be lying if I told you I wasn't feeling it. It's only fitting that this five session span culminated with today's bipolar ghost chasing it's tail and giving all the critters fits. I mean, honestly--this is one nutty nut of a market and I get the feeling that the ride only just begun!
We faded more than a pair of denim jeans today and, luckily, we sidestepped some serious whippage. I say that with the utmost respect as I've been there (done that) and it sucks big-time. Regardless, it's time to shake it off and focus on our task at hand. We've got a few more minutes to make some big decisions and we'll have to live with them all weekend.
I toyed with the idea of slipping my leg back into the bear costume when the S&P first tickled 830 earlier but I didn't pull the trigger. If I'm gonna dust off the metaphorical imagery and dress in those silly costumes, I'm going to have enough conviction to tactically deploy my capital. I've said it before--the ability not to trade is going to be as important as our trading ability as we wade our way through this muck. That discipline (and the ability to remove performance anxiety) will serve us in good stead as we find our way.
Today's action did little to quell the great debate. The bulls toed the line and, buoyed by some timely rumors, once again defended their support zones. However, it's difficult to ascertain the legitimacy of that demand and I continue to be wary of the flow. All day long, there's been call buyers and put sellers. That creates demand in the near term (as dealers hedge) but it removes that bid as the market looks forward.
We'll get a host of conferences next week and a smattering of economic data but, rest assured, the geopolitical environment (and the psychology associated with it) will drive the price action. While I remain admittedly skeptical of the upside (from these levels), it's worth noting that I'm going home naked (sans costume) and plan on using this weekend to catch up on some sleep, read a book, exercise and see some old friends (good for the soul). In other words, I'm turning it off and tuning it out as I search for that elusive balance.
More importantly, take the time this weekend to enjoy yourself and appreciate the good things in life. There's some wild stuff going on in the world and it should never take something bad to make us realize we have it good. On behalf of the critters, I want to once again thank you for the remarkable support you've given us to date. There's a lot of good Minyans out there and each day,our family grows a little more. That, my friends, is simply awesome.
Have a peaceful weekend.
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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