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Give Yourself a Hand

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May peace be with you!

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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


(Grateful Dead)



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.

R.P.
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No positions in stocks mentioned.

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 todd@minyanville.com.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

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