The Dream Team
Maybe Collins should mash up the cookies and mix 'em in water?
I know nobody knows
Where it comes and where it goes
I know it's everybody's sin
You got to lose to know how to win
The midday Minx continues to slink as the traders trade and the critters think. It's been another snoozy session as we ready ourselves for the three day and folks will surely hit the eject button as the day drags on. That'll put the model thin market on a Slim-Fast diet and further raise the potential for an illiquid (outsized) move. If you're gonna stick it out with the critters and I, please respect the landscape and note the dynamic.
Commodities are having a firmer day in general as both crude and the metals retrace some of the recent weakness. Equities, for their part, have been drifty with a relatively firm tone. With that said, I've been eyeing the internals during the intraday rally attempts and they're actually slipping during the lifts. That's a subtle, yet important, undercurrent to note as we craft our end-of-day risk profile.
I'm not sure there's much to add that hasn't already been covered in recent posts. We're extended in the short-term and trading at/near the '04 trendlines, the credit markets are offerin' thumbs up, there are three month end catalysts (Iraq, Elmer, quarter-end) and Collins hasn't eaten since yesterday in preparation of his cookie chew. All in all, just another day in paradise (as Dan Meehan would say) and we're looking to focusing on the important stuff.
In Minyanville news, we're putting the finishing touches on the Minyanville Mountainfest in Crested Butte and it promises to be a rockin' good time. We're planning educational seminars in the ayem, outside activities in the afternoon (softball anyone?) and a few schnitzels at night. We'll have a detailed itinerary by next week and I hope to see as many Minyans as possible. While I understand that it'll be cost prohibitive to some, the critters will do everything they can to make it well worth your time.
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 email@example.com.
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