Take the time to tell those close to you how you feel!
Goin home, goin home
By the waterside, I will rest my bones
Listen to the river sing sweet songs
To rock my soul
The Minx slinks towards the close and another session in Minyanville draws to an end. There are tapes that impress and tapes that will mess and, thus far, the beast is exhibiting very resilient tendencies. Some are chatting up an end-of-month ramp job while others are whispering about buy programs into the close. Call it what you will -- there are more buyers than sellers. It's that simple.
A lot of technicians are pointing to Dow Jones 8521 and, as of this post, we're right there. With traders leaning against the most recent breakout levels (S&P 905 and NDX 1100), long side players will simply roll their stops up and play the game. The next major level on everyone's radar will be BKX 800 and, if the current optimism continues to lift the rising tide, that zone could become dust in the wind, dude.
Why, then, did I slip a lone appendage into the fur? I've walked through the thought process -- the dollar, the complacency, the bullishness -- but the bear's fight is an obvious one. Boo must contend with a frenzy crowd that's convinced that this time is indeed different and the train is leaving without them. My concern remains: What happens when everyone gets dressed up and there's nowhere to go (but down)?
Tonight's earning's include JDS Uniphase (JDSU:Nasdaq), Maxim Integrated Products )(MXIM:Nasdaq), QLogic (QLGC:Nasdaq) (among others) while tomorrow morning brings Clorox (CLX:NYSE), Duke Energy (DUK:NYSE) and Kerr-McGee (KMG:NYSE) (among others). We'll also get the Chicago PMI (exp. 48.8) and Elmer's chat with the House Financial Services Committee. In other words, there's always tomorrow, Minyans, so don't beat yourself up if you didn't nail 'em today.
I'm admittedly somber after this morning's service and while Michael and I weren't as close as many who attended, the image of two young children walking out of their father's funeral left a lasting impression. I know too many people who spend every waking moment trying to get "there" but precious little time appreciating what they've got here. Don't focus so hard on the destination, my friends, the journey is the best part.
Have a peaceful night -- and please, fare ye well.
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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