May peace be with you!
I watched you suffer a dull aching pain
Now you decided to show me the same
No sweeping exits or off stage lines
Could make me feel bitter or treat you unkind
Wild horses, couldn't drag me away
I've gotta tell ya, out of the consensus all-time best rock bands (Beatles, Dead, WHO, Zepp, Stones), I think I may have to boot Mick & Co. for Bono's crew. I know I'll prolly take a lotta heat on this (maybe it's a generational thang) but it's my honest take. They can always be my sixth man (if David Gilmour doesn't object) but, as it stands, that's my top five and I'm stickin' with it!
Now, on to more delicate matters...
Through objective eyes, the trifecta of breakouts in the BKX (800), S&P (940) and Dow Diamonds (DIA:Amex) (86) MUST be respected in this psychological backdrop. We've been discussing the potential for "blow off" type action and that seems to be unfolding before our eyes. Ironically, these very inputs are necessary for a short side capitulation and if (when) the downside delivers, this will be viewed as a conditional element.
As it's never been my style to run with the crowd, I've been attempting to rent upside and trade around my June puts. It's been a dogfight, that's for sure, but trading -- and life -- is based on the decisions we make. I've made my choices and I will either be blessed with a reward or burdened with the consequences. Either way, there will be no looking back -- that's wasted energy.
I'm keeping both legs in the fur and will add an arm if we get some jig tomorrow morning (Turnaround Tuesday?). Boo's not the snazziest critter around (thus far) but a smart guy once told me that you can pick direction or you can gauge time -- you'll rarely nail both. Let's see what tomorrow brings and we'll take it one step at a time. Keep your head up, my friend, and your right paw up.
Snoop Tone will be gracing Neil Cavuto with his presence at 4:30 EDT on Fox News so make sure you tune in and turn it up. Me? I've got a midtown meeting on the bell and then a lil' seafood supper with Uncle Len. One day, I'll share a story about Ruby and Len from way back in the day. Man, I'd give almost anything to run with those two when they were my age! Don't look back in 20 years and wish you had tonight to do over again. Make it count, Minyans -- tomorrow is promised to nobody.
Have a peaceful night.
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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