Hey Snoop, you like that image don't ya?
If you twist and turn away
If you tear yourself in two again
If I could, yes I would
If I could, I would -- let it go
It's been a fairly hairy morning in the city of critters and my inbox is overflowing. The Minyans are cheering the arrival of our new professors, traders are opining on the state of the tape... and it seems that EVERYONE wants a picture of Daisy in her little school girl outfit. Fellas -- she's a metaphorical cartoon... RELAX!
The fluxy Minx seemingly stopped trading for a bit as she attempted to tickle S&P 910. This is a tricky juncture as the S's test resistance, the NDX holds support and we've got a shvitzload of economic data due tomorrow morning. As if there's not enough spice in our mix, IBM (IBM:NYSE) is chatting at lunch (nothing crazy, but watch it as a tell), the banks have quietly firmed and retail (along with the industrials) continue to act soft. Are we having fun yet?
I've been hearing chatter of asset alligators and while I can't confirm that they're sneakin' around, the action in the S&P feels as if they could be. That's not actionable, per se, but as with any input, it's something to factor into our process. Consistent with that thought, the internals have also found some footing and, as it stands, they're edging back towards a more constructive posture.
I'd like to reiterate the importance of identifying an actionable time frame in your approach. For instance, if you're looking out to June (or longer), the tick by tick action shouldn't be a constant focus. The goal, as always, is to (attempt to) use prices to your advantage (either way). The near term is emotional, whippy and reactive. Don't get sucked into that vacuum, my friends, or you'll end up needing corks on your forks.
Meanwhile, don't tell Fokker but he's doing a fantastic job lately (mush!). I know he's looking forward to his Minyan debut tomorrow and I KNOW that he won't let us down. He's also been collaborating with Charlotte-Anne on the morning round-ups too (isn't she great?) and we welcome your feedback. Our readers are our lifeline and, as you know, we aim to please.
As always, I hope this finds you 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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