The Bill Thrill
There was dust on my radar!
"Concern yourself only with the things you can change and remember that you can always change how you perceive any difficulties."
The Minx blinks as Elmer thinks and traders get ready to hit the links. The teletubbies are stumblin' to assign reason to the rhyme but I suppose if you read into his comments (banks could weather higher rates), we could extrapolate a message. Then again, if I really tried, I'm fairly certain that Mandy Moore declared her love for me in her latest movie.
Be that as it may--and it may be something--the markets got a caffeine jolt from our bespeckled friend. Latin America nosedived on the text (along with select subsectors such as the SOX) but, oddly enough, the financials themselves remain relatively firm. Maybe they're crowded or perhaps they're simply digesting the recent meltage--not sure--but it's worth mentioning as we fit the pieces into the jigsaw.
Today's action was notable on a few fronts including the dismantling of the momentum darling Taser Int'l (TASR:NASD). These are toxic traders--both ways--and regardless if you were involved in this particular mess today, let it serve as a reminder that both stocks and the broader tape have significant two-sided risk. I know that it's not the most insightful thing I've ever said but it's easy to forget when the screens are green and the tape pristine.
We've got a slew of earnings overnight and further Fed ramblin' tomorrow so factor that into your overnight risk profile. The S&P and NDX have thus far held support--1123 and 1440-- but, to be fair to Boo, they've also repeatedly failed at resistance. I sense that alotta active traders are eyeing the same ranges so if we breach either end of the beach, those lines in the sand will likely disband.
My favorite part of today's 'Ville was the repeated discussion regarding Bill Meehan. For those who didn't have the privilege of knowing Bill (who was Chief Market Strategist at Cantor Fitz), he pretty much set the standard for those of us looking to balance the market and life. Nobody nailed today's trivia so in the interest of closure, I will share that Bill worked in advertising (pre-Minx), played the ponies (sport of kings), called Elmer Forrest Gumspan and never attended college. It just goes to show you, Minyans, that some of the best lessons in life are learned by living.
Fare ye well into the closing bell and may peace be with you.
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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