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Costume Check!

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Fare ye well into the bell!

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She cuts you hard, she cuts you deep
She's got so much skill
She's so fascinating that you're still there waiting
When she comes back for the kill


(Billy Joel)


Editor's Note: For the non-Buzzers in our midst, we wanted to share the following post that printed at 2:09 EST on the Buzz.


Contra-hour is set to begin with Hoofy going for a spin. I'll tell ya, if there's one thing I lack on the long side is patience as gut checks typically find their way to my soft middle. Note to self: 1) Use that gym membership and 2) setting stops (either way) removes emotion.

One of three scenarios will soon play out. We'll either A) break to the upside and remove Boo's technical crutch, B) look back at this juncture as short-side gift or C) chop around and confound critters of all shapes and sizes. My inclination is the mud in the middle with defined stops and a disciplined approach.

I'm slipping two legs in the bear costume and eyeing the other side of DJIA 10,400 as my "mea culpa" level. I'm not sure if it's today's business but the best fades are the toughest fades.

Engine room, more steam!


As Collins astutely points out, "just because we're approaching resistance doesn't mean we can't blow through." True that, young Oriole, although I would offer that the goal, when trading, is to find advantageous reward relative to the assumed risk. With the banks (BKX) and brokers (XBD) both bumping into the 200-day, the NDX edging to the breakdown point (1460) and a rather nosty looking set-up in the DJIA (into 10,400), I'm comfortable with a nice, tight try (defined risk).

I'm respectful of the breadth (snazzy all session) and remain quite conscious that perception is reality (the buyers are higher). With 50-odd Dow points risk to this trade, however, it's worth my time and effort. Not advice-never-but sharing the eyes with hopes that it adds value to your process.

As always, I hope this finds you well.


R.P.
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