Show Me the Minyan!
How can you make jokes at a time like this?
"I will not rest until I have you holding a Coke, wearing your own shoe, playing a Sega game featuring YOU while singing your own song in a new commercial starring YOU, broadcast during the Superbowl, in a game that you are winning, and I will not sleep until that happens. I'll give you fifteen minutes to call me back."
--Jerry Maguire, 1996
Holy cow! Sorry Daisy...I know you're not having a good day. I sincerely hope that your cousins to the north haven't been affected by the most recent Canadian breakout. That's gotta suck. What doesn't suck, however, is that Andre Liu correctly identified all 28 professional sports franchises that don't end with the letter "s." Two in baseball, three in hockey, six in men's soccer, six in women's soccer, three in men's basketball and eight in women's basketball. Dr. Dre's gonna be rollin' down the street in an uber-comfortable Minyanville fleece. Drizzam!
Back in (my) reality, the lazy graze continues as the Minx finds her way through a snoozy session. S&P 920 was temporarily breached as news of the angry moo's awoke the autopilots. I've seen some sell-side flow in the form of S&P put buyers and one of two things is happening, Re-run. Either there are sellers in the wings (bearish) or the tape is absorbing the supply and not going lower (bullish). Which is it? I've still got one appendage in my bear costume (S&P 927 stop) but, so you know, that'll be in the closet by the time we power down.
There are constructive elements to this tape (thus far). Breadth is steady, the Minx is trying to hold her levels in the face of a drippy dollar, the terror chatter is being digested (not sure if that's good or bad) and the drug abuse (LLY, MRK) hasn't spread. As it stands, we can't rule out that yesterday's slippage was the initial leg of the down/up/DOWN trade. Stay tuned...and stay awake!
Finally, I want to thank ye faithful Minyans for, well, being faithful Minyans. We built this community as a place to learn, share, grow and, above all, to get "it." I've spent a long time in an industry where success is judged by one's ability to produce money. That's still my professional goal and I won't deny my competitive desire--but bank accounts aren't a panacea. Sometimes, when we focus so hard on something, we forget why we're doing it in the first place. Do the best you can do but, more importantly, be the best you can be. That's where the true wealth lies.
Good luck into the close.
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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