Welcome aboard Pepe!
"Allow myself to introduce...myself."
Good morning and welcome back to the steady shack. The anvil was dropped by the bears yesterday but Hoofy sidestepped the crimson display. With Fitch to the left and hawks to the right, Boo couldn't scare the bulls into flight. "I don't understand this latent demand," he said without flair as he struggled to stand, "the bad news arrived just as I planned but the Matador Crowd seemed to stay in command!" Should he get on his horse with fear and remorse or summon the strength and fight back with some force? The critters are here so get ready to jump as we climb up the hill for the holiday Hump!
Before we cast our eyes to the flickering ticks, I want to take this opportunity to share some exciting news from the City of Critters. Minyanville is proud to announce the addition of Kevin Depew as our new Managing Editor. Kevin comes to us by way of our friends at Dorsey Wright & Associates and will bring fresh flavor to our content proposition. Pepe is an "old school" Minyan, having contributed tremendous vibes in the past, and will officially join our family in June. Please join us in welcoming him home and in wishing him continued success!
As our technical juncture is much the same and the only notable news is the lack of reaction to it, I'm gonna focus this Hump Day column on the state of our Minyan. I'll be "all business" (sorta) on the Buzz and will chew through the daily dynamic. For those not on the Buzz, it really boils down to this: we're at the same crossroads we were yesterday with the only difference being that the bulls took the GM debt dump in stride and laughed in the face of a hawkish Fed. A pure tape reader would say that's bullish--and respect the thin nature of the tape into (and around) Memorial Day--but it doesn't change the fact that the news is still there and volatilities are screaming for attention.
It'll come down to our tea leaves and the onus is on us to weigh the fray as it evolves. We used an analogy around the holidays describing a herd of bulls skating on thin ice. That dynamic is much the same although the mercury is rising into the summer. That doesn't mean the lake will cave in (there's a lot of liquidity around), but this Minyan will stay on the shallow end lest we have to jump to the side. As always, what you do--and how you skate--is a function of your unique risk profile and stylistic approach.
Circling' back to critter track, Herb Greenberg of MarketWatch will be joining an already fantastic cast at Minyans in the Mountains II. While the theme of this retreat is controlling risk and staying in the game, we'll be touching on topics such as The Role of Financial Media in the Marketplace. I'm smelling a spirited debate as Herb will sit alongside Minyan Michael Santoli, Professor Jeff Macke, the Good Doctor, Jeff Saut of Raymond James and yours truly as we speak from the heart. I'm not sure there has ever been a more acute need for the trusted human capital of our collective network and I, for one, am looking forward to this particular panel.
Speaking of which, and because some have asked, I want to impress upon ye faithful that this is not your father's financial retreat. Our primary motivation in Crested Butte was to bring our families together to ready for the collective journey. Minyans of all ages enjoyed the union and Ojai will build on that experience. Female Minyans can join Daisy at a world class spa for utterly delicious massages. Macho Minyans can pair off for our softball soiree or take a swing at Minyan Golf. Mini-Minyans will have plenty to do as well in the all-inclusive resort. And through it all, we'll build our network, tell the truth and do a whole lotta smiling in between.
I plan on scooting from the 'Ville tomorrow morning to visit my mother in her new Santa Fe digs. There was a time that this decision would cause stress but I've come to understand that the purpose of the journey is the journey itself. We've got something very special brewing in the 'Ville and we're poised to make some noise into the summer. New digs, fresh faces, old friends and saucy critters. And of course, a community filled with people like you who believe that we can truck through the muck if we just stick together.
Good luck today.
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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