There's still a glimmer....
So if you wake up with the sunrise
And all your dreams are still as new
And happiness is what you need so bad
Girl, the answer lies with you
Holy guacamole, Minyans, this Minx is like a caffeine ridden A.D.D critter in a sensory overloaded environment! It's Snapper--no, it's Boo--wait, it's HOOFY!--no, it's Boo--wait, it's Snapper--hey, where's Fokker? I'll tell you one thing, Sammy is a twisted sister as he tries to make sense of it all. Deep breath before we slither into the minxy muck and climb aboard this nasty...truck.
Alright, today is a day of degrees--there's the good (TRIN), the bad (leadership) and the ugly (internals). Remember, trading is about lining up the ducks and assigning a probability of an outcome. As it stands, and as a function of the broken technicals Boo has his best shot (in over a year) to bring home the bacon. For him to do that, however, he'll need to fry up the piggies and while they're pink, they've yet to get sizzled.
There is cause for pause in the ursine camp--if you haven't read Professor Reynolds, you're at a natural disadvantage--and the great debate is looming large. Is this a "healthy rest" or a more meaningful turn? The script is still being written, my friends, but until proven otherwise, we're churning at resistance (with negative divergences). Now the question is one of validation and whether this denial phase morphs into migration.
News is always best at the top and worst at the bottoms but we never KNOW when this happens until after the fact. Is there a tangible reason to sell lurking out there? Perhaps, but it won't hit the front page until we're lower (just as upside validation didn't appear until well into the rally). I've laundry listed my big picture concerns for some time and they haven't mattered. I can't tell you whether the bears have finally come home to roost (do bears roost?) but they're certainly overdue.
I've got that very same Mr. Reynolds sitting in my office and I'm about to get the bull case beaten into me. I have been trading the tape for fourteen years and I can tell you that I have never seen someone nail it as consistently as Brian. He is the definition of emotionless when it comes to this beast and while he thinks this "correction" has a bit further to go, he's of the opinion that it's transitory. I know better than to ignore him--it's been painful when I have--so take it for what it's worth.
I'm gonna flip lids and stop being rude--he's bigger than I am and a former rugby guy--so lemme jump and juggle. Before I go, I want to thank those of you who are interested in being Minyan Ambassadors. This isn't a competition, mind you, it's a coordinated team-oriented effort that has potentially huge rewards. Curious? Check it out--there's nothing wrong with a little money on our time and we'd be glad to fill you in!
As always, I hope this finds you well. Good luck into the closing.
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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