By Todd Harrison Apr 13, 2004 2:55 pm
Good luck into the close!
Bass! How low can you go?
Death row. What a brother knows.
Once again, back is the incredible
The rhyme animal, the incredible D!
"Hey Toddo, I love the Dead, Eagles and Paul Simon as much as the next guy but how 'bout shaking up the mojo and zaggin' hard?" That's done, boss, and no sooner did I receive that email than Hoofy (green velour jump suit) and Boo (red bandana) bounced into my office. Hard rap and hot fudge sundaes? I'm not sure I can zag harder than that--I'm not sure I want to--so let's see what goes on in the Bristol Hotel (room 515).
There used to be a high school cheer that went something like"U-G-L-Y you ain't got no alibi." That pretty much sums up today's Minx as the piggies are wiggin' and suckin' the rest of the market lower. We flagged the financial and retail names out of today's gate (on the Buzz) and, sure 'nuff, they planted the "higher rates are bad" seed. And despite a spirited effort from the four-letter freaks (semis), the red has spread as the bulls all fled.
I was just chatting to my pal Mike Santoli about the "monolithic qualities" of today's tape. In other words, equities are moving as a whole as the gorillas jockey their global exposure. Proof positive is the outsized volatility in the metals, currencies and fixed income. We noted the discrepancy (last week) between various asset class volatility and equity volatility (and how that didn't bode well for Sir Hoofs). With the VXO up 16%, some of that is being alleviated (although plenty of room remains).
I bring up the "global posturing" point as the market can trade independent of individual news. Fundamentals drive the ultimate price action (just ask any analyst) but on a day-to-day basis, structural forces sometimes trump the numbers. The key to forward performance, in my view, is whether the psychological metric has turned the corner or is simply shaking out the weak longs. Ultimately, I have high confidence in the former and respect for the latter.
I'm gonna jump and juggle (hot fudge everywhere) so lemme wish you good luck into the close. And remember, Minyans, the definition of an investment should never be a trade that's moved against you. Good traders make money but great traders know how to take a loss. That "insight" is independent of what the next tick is as the mechanics of the swing are as important as the results of the at-bat.
Good luck into the close.
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