Fare ye well into the bell!
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
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.
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.
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.
Daily Recap Newsletter