May peace be with you!
"Oh I like this one. One dog goes one way, the other dog goes the other way, and this guy's sayin', 'Whadda ya want from me?' "
--Tommy DeVito, Goodfellas
The afternoon yawn has started to spawn as the critters all graze on the soft minxy lawn. I'll tell ya, if this action is a precursor to the coming summer months, I may opt to join the Reamers in Crested Butte and call it a season! I personally don't think it'll be all that slow--we are, after all, approaching that election thing--but there will surely be sessions that have the edge of a marble.
The Minx is currently caught between a rock and an orange crop report. Boo will argue that this latest drift is a simple churn before further burn. Some of Minyanville's finest touched on this earlier and a peek at the Dow or Nazz charts support this thinking (the S&P is a bit tougher to see but a close below 1120 would help focus). And of course, as we've discussed, we must weigh the churny light volume lethargy (negative) vs. stochastic buy signals (positive) and the looming binary event (unknown).
I was chattin' with Fleck earlier (who will be tossin' on his Kangol and rappin' on the 'Ville tonight) and we were discussing the current psychology. If there has been a sea change and Hoofy is the one walking the economic tightrope, then there is indeed a disconnect between perception and reality. In other words, if Boo has assumed the benefit of the doubt, sentiment and volatility measured should both be skewed to reflect that. Currently, they're offering that this is a simple, healthy and very temporary correction (before Greenie again prays to the porcelain piggy bank).
These are the types of sessions where it's tough to make cake but easy to get baked. If you're pressing, guessing, chasing or racing, you've prolly whipped yourself but good. Relax the grip on the handlebars and try to proactively position yourself while leaving a healthy margin of error. When in doubt, sit it out and don't second guess if you miss a move you "knew" was coming. The beauty of this business is that there are infinite chances at redemption.
Fare ye well into the bell. And if you're gonna celebrate Cinco de Mayo tonight, be sure to visit my pal Joel before you grab your keys.
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 email@example.com.
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