Give Yourself a Hand
By Todd Harrison May 13, 2004 3:06 pm
May peace be with you!
Truckin - like the doodah man
Once told me you got to play your hand
Sometimes the cards ain't worth a dime
If you don't lay em down
The afternoon whale continues to flail as we chase the bold tiger by his long tail. The action today is noticeably quieter than yesterday's fray and that's given us time to ponder, strategize and refresh. Enjoy it while it lasts, Minyans, 'cause we have a breakfast meeting with Beeks and he's got that look in his eye. That, coupled with a ton of negative gamma and a jittery mindset, doesn't bode well for Sammy's slither.
We've walked through the two-sided technical picture, discussed the structural element (Carrie), monitored the fragile psychology and paid respect to the oh-by-the-way fundamentals. We've listened to Hoofy champion the "V-bottom at the 200-day while oversold" shpiel and Boo argue the "this is a simple, low volume retest of the breakdown points before the REAL wave hits" point. We "see" both sides of the trade and we're armed with the information necessary to make sound decisions for ourselves.
I would like to digress for a minute and address the palpable and collective frustration. This isn't a Minyan observation as much as a broad acknowledgment that the earning curve has gotten steeper. I wrote a piece four years ago called The Long Hard Road that discussed how the entire dynamic of trading--and business in general--was gonna be an uphill climb. Indeed, it now takes thrice the effort to make half the money (if that) and it's increasingly difficult to maintain that pace.
This particular column isn't about the next few ticks, it's about preparing ourselves for the future. When I explain Minyanville to people, I talk about the need to build a syndicate--a network--that will surround us with good, honest and forthright people who watch each other's back. The isolationists who try to go it alone aren't doomed but they're certainly operating at a disadvantage. We're gonna need all the help we can get and the sooner we understand where we are, the better we'll be able to prepare for where we're going.
One step at a time as we figure it all out, I suppose, while remembering that the purpose of the journey is the journey itself. If you're bustin' your hump all week only to spend every weekend getting ready for the following week, the days will turn into weeks into years into the rest of your life. Don't let it take something bad to make you realize you've got it good. 'Cause if you're reading this, you've got it better than most.
Fare ye well into the bell.
No positions in stocks mentioned.
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