The morning direction typically reverses during Elmerfests!
Takes more than combat gear to make a man
Takes more than a license for a gun
Confront your enemies, avoid them when you can
A gentleman will walk but never run
A quick ping from Sting to start today's swing and, as they say at Churchill Downs, "They're off!" I've spent the better part of my morning talking to trusted traders and, with the notable absence of a select few, most of the furry fiends have hid in hibernation. The cave has been a safe domain for the bears but the question remains: When the bulls are dribbling on themselves and the bears are hiding, is that a "tell" in itself?
I've got the bear costume nearby and I'm (secretly) hoping for a "blow off" higher to get more aggressive in my posture. As I said this morning, I've got the gamma on so if by some shocking chance, we trade straight down, I won't have to put corks on my forks. Still, by my standards, I'm fairly balanced and I respect and appreciate the power of the unknowns (Elmer, Chambo) and the current momentum.
Watch S&P 935 again as a VERY important upside resistance and BKX 800 as a psychological support. I saw a rotation yesterday out of financials into tech but, as you know, we've seen days like that littered throughout the last few months. Stay on your toes, remain sharp, think positive and, please -- shoes off!
I'll be back
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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