The Tortoise and the Hair
Good luck into the close!
I walk these streets, a loaded six string on my back
I play for keeps, 'cause I might not make it back
I been everywhere, still I'm standing tall
I've seen a million faces an I've rocked them all
The afternoon session has left an impression as the critters work through their minxy obsession. The tone was decidedly somber throughout the hump as traders digested the steel wheels (AA:NYSE), geopolitical concerns and some pre-avalanche jitters. Now the posturing has picked up in pace and as we head home to finish the race.
From an "inside out" perspective, the tenor of today's tape steadily inched towards a more constructive posture until BAMN! the spike hit. Breadth (which was 2:1 negative) balanced, the semis tested SOX 500 (and bounced), General Electric (GE:NYSE) held its bid and then, outa nowhere, chatter of a "major" announcement from Washington boot strapped the bears. I'll tell ya, the market volatility (as a function of rumors) underscores the "trading mentality" in today's tape. Not a conversation for right here, right now, but something to file away in the back of your keppe.
Yahoo! (YHOO:NASD), Research in Motion (RIMM:NASD) and Genentech (DNA:NYSE) highlight tonight's parade and that'll likely shape the clay for tomorrow's fray. Remember, it's gonna be uber-thin as we edge toward the bunnies so respect the potential for volatility as you craft your risk profile. This is a time for family and friends--the last thing you wanna do is lay the big 'ol goose egg.
I just got so busy--and the market is moving so fast--that I've now had to go back and restart this column three times. I've also gotta scoot and meet Professor Succo as he's giving me a lift to the airport for my flight to Rubyville. As such, lemme please hop so I can tie up some loose ends, feed the critters and take a couple of breaths before hitting the door. Thanks kindly for understanding and I'll see you bright eyed and bushy tailed on Monday!
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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