The Revolutionary War
Fare ye well into the bell!
I'll tip my hat to the new constitution
Take a bow for the new revolution
Smile and grin at the change all around
Pick up my guitar and play just like yesterday
The Hump Day war has ten minutes more as the critters tally the final score. While today's fray doesn't hold a candle to the Tuesday tickle, you can tell that there's a lot more interested eyes reading the script. Higher prices will do that and raise both eyebrows and adrenaline as the seeds of better tomorrows are planted. Will they sow and grow or flip the hoe? Tricky question but we'll do our best to sniff out the answers.
The much discussed terror tet-a-tet came and went without much fanfare as the Minx is conditioned to buffer herself from those emotions. I'm not sure that's a good thing but patience and profits have been tried and fried by reacting to those intangible elements. There's a quiet debate raging regarding the motivations of this communication but--either way--there is an assigned probability that must be factored into any risk profile. How much (and to what degree) is naturally a function of your individual view.
It's been a tetherbally tug-o-war today and while Boo staved off another can of whoop ass, the benefit of the doubt has flipped back to Matador City. Why? A number of important technical levels have been taken out and are now acting as support. They're relatively tight and absent an exogenous shock, traders will now be leaning on these levels in the thin days ahead. I would add a cautionary note that BKX 97-98 is a fairly meaty resistance area (as well) and these little piggies will not only go to the market but lead it as well.
Monsieur Beeks will swing by tomorrow with the gross domestic product (eww!), personal consumption, the claims data and the help wanted index. In this fakakta world, weak reports seem to be perceived as positives (rate friendly) but there will come a point when stagflationary thoughts begin to permeate the collective psychology. When that happens, I sincerely hope we'll all be positioned correctly and will have left ourselves with ample margin of error.
I'm gonna jump as I've got meetings out the ying yang and need to get up to speed. Many thanks to the Minyanship for your continued support of our dream. We've come a long way in a short period and if my intuition radar is anywhere close to being calibrated, we're still in the first inning of a very long game. It couldn't happen without you and for that, you have my sincerest appreciation.
Have a peaceful evening.
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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