The Ruth Truth
By Todd Harrison Jun 11, 2003 2:18 pm
Ya'll see the importance of the 990 level on the intraday S&P chart?
She's the dollars, she's my protection
Yeah she's a promise in the year of election
Oh SISTER, I can't let you go
Like a preacher stealing hearts in a traveling show
Alright, Minyans, I'm well aware that Babe Ruth was originally a pitcher (and a good one at that!). My comment was a simply observation on the lack of hurlers on the mInyanship's top five. I'm not disagreeing -- they're not everyday players -- but I would have thought that some pitchers would have been included. How about this, Mel Allen, let's do a top five pitchers poll. Send your vote to Fokker@Minyanville.com (he's snoozing) and we'll tally 'em up. Play ball!
For the tape players among you, there is really only one question: Will there be a carbon copy of yesterday's upside jam job (into the close)? Then, as now, the tape was drifty and shifty all day before BAM! they took a moon shot at 3 p.m. Will the Minx follow the script? Or is that script, in and of itself, the very reason she won't follow it?
There are constructive elements today, including the breadth, financials, biotechs, homies and energy. There are also enough reasons (Freddie Mac (FRE:NYSE), SOX, Dell (DELL:Nasdaq)) to justify a rather meaty pullback. What you need to ask yourself is whether you had enough of a relative edge to justify your posture and, if you do, what type of risk parameters it warrants. Either way, I will offer that, in an S's over N's tape, the big board is likely to outperform (if we ramp) and the techs will likely underperform (if we fail).
I wish I had something juicier for you. I see (and respect) the tone of the market and understand that the combination of emotion and anxiety is a powerful mix. I strive to remain adaptive but won't acquiesce to a herd mentality. I can "see" how this is eventually gonna play out but, as we know, trading is a function of both time and price. Without both, the process is futile. Discretion remains the better part of valor and opportunities are easier made up than losses.
More importantly, I would like to thank everyone who has contacted us regarding donations to the Ruby Peck Foundation for Children's Charity. We've included the mailing address in the Minyanville library for the worthy Minyans wishing to make a pledge. For those who don't know, Ruby was my grandfather (and best friend) and the foundation is our way of giving something back. As he would say, "thank you ever so much."
As always, I hope this finds you well.
position in spx
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