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Stalemate!

By

R.P

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Tear drops on the city
Bad Scooter searching for his groove
Seem like the whole world walking pretty
And Boo can't find the room to move


(Bruce Springsteen)


Well Boss, we FINALLY have a winner for today's trivia question. While most Minyans zigged and guessed Auburn (Bo don't know), longtime Minyan (and all around nice guy) Michael Handel zagged and correctly identified S.M.U. (Eric Dickerson) as Cush's college in Jerry Maguire. It's a shocker that Mike nailed a trivia question that had nothing to do with the Grateful Dead but, nonetheless, he'll be sportin' a spankin' brand new Minyanville tee this summer. Wasabi!

While I cringe to say this (and trigger a sharp move), today has to be the least thrilling day in recent memory. The early attempt to overcome the technical hump was met with supply and, as it stands, the indices continue to flirt with the much anticipated breakout. Hoofy will argue that today was a healthy consolidation of last week's gains and, through objective eyes, I'd have a hard time arguing with him. Still, there are enough warning signs out there to make the upside anything but a lay-up.

There's a tendency when trading to look back and bum about what we coulda, shoulda or woulda done but at the end of the day, that's wasted energy. Trust me: I don't share these thoughts as hypothetical situations, I used to do that a lot (and still do at times). The proper mindset is a continual evolution and each day I learn something new in the market. The ability to understand that and the humility to accept it are necessary if we're to stay in the game.

The series of higher lows in the near term (bullish) and lower highs in the intermediate term (bearish) seem to be on a collision course. The bulls seemingly have the mojo but, once again, this next leg is no gimme. I'm powering down with a handful of cheapie out-of-the-money puts on the sheets (financials) and a paltry leg in the fur. Despite the recent slippage in vol (VIX, VXN, QQV), I continue to feel that it represents a disconnect (if even for a trade). And as always, that's simply one trader's (humble) opinion.

There's a handful of earnings due out before tomorrow's opening bell and we need to appreciate the potential for event risk (both ways). Mea culpa on not discussing the jig in gold.com today but despite my sniffage, I haven't picked up a catalyst. Still, it's another ball that we should toss in the air as we continue to juggle the minxy metrics.

More importantly, please do yourself a favor -- turn your considerable energies away from the tape and towards friends and family. Two years ago today, I held my grandfather's hand as he passed and there's not a day that goes by that I don't think of him with a warm heart. He knew how much I loved him -- this I know -- but there are people in our lives that we sometimes take for granted. Don't leave kind words left unsaid... a little effort can go a long way.

Have a peaceful night.
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