By Todd Harrison Apr 14, 2004 2:15 pm
Trade smart...don't trade scared.
"Who's done more research than the good people at the American Tobacco Industry? They say it's harmless. Why would they lie? If you're dead, you can't smoke."
--Roy Munson, Kingpin
The afternoon Minx continues to slink as the bulls try to hang and the bears give a wink. The action is...tenuous...as we edge into the contra-hour but the tie goes to the piggies. Yes, it's getting a bit redundant but you gotta dance with who you came with. The financials have been the rock of Gibraltar and until they firm, the bovine will squirm.
There is a clear rotation underway, both intra-market and inter-market. Within the minxy scope, money is migrating to the Nazz and that's led to a relative outperformance. The semis have issues of their own, mind you, but they've been "home base" and as long as they hold SOX 500, Hoofy will hang his hat there. Breadth confirms this bipolar bias as the old school is getting, well, schooled to the tune of 2.5 losers for every winner.
From a big picture standpoint, the gorilla shuffle continues as the earth shifts beneath our feet. The volatility in the metal market is nothing short of astounding, bonds are wickedly split, currencies are wiggin' and I'm losing follicles by the thousands. The whole thing is fakakta, I know, but we don't make the rules, we just have to play by them. My sense continues to be that the pick-up in global movement will usher in sharp stock movements. It's simply a matter of time.
As for the rest of the day, we've been talking about the "trap door" potential and it's still very much alive. In fact, as I bang on my keyboard, the ship is starting to take in some water. That doesn't mean Snapper can't swing by and open a can of whoop ass--he's a metaphorical turtle, he can do what he wants--but the evidence isn't compelling by any stretch. Remember, trading is about assessing probabilities and identifying the best reward potential per unit of risk.
I'm gonna unbutton the top slot and rub the belly as we edge through the Zoo. And, in case you're not Buzzin', Chris O'Grady snared the free Minyanville tee by correctly identifying DeNiro and Brando as the answers to today's trivia. Fear not, ye faithful, as Main Street is stuffed with cool and exciting schnitzels. Take a gander...take a goose...but whatever you do, don't take a fry. They're all mine!
As always, I hope this finds you well.
position in qqq
Get The Minyanville
Daily Recap Newsletter
Daily Recap Newsletter