Good morning and welcome back to the Hump Day shack. The beans have been spilled at MVHQ as we gathered last night with the whole Minyan crew. It was a surprise for our leader so wise, a birthday soiree hidden in a disguise. His wife and his kids trekked in for the dinner, a Mexican feast that left none of us thinner. We drank and we laughed, enjoying the vibes, a collection of critters, some traders, some scribes. We knew that our time was as good as it gets and enjoyed the fine journey with little regret.
While this column is predicated on the flickering ticks (and I'll surely circle back to that minxy track), last night was particularly eventful for our friend from Red Dye. I was sitting with Boo at the end of the table, offering moral support after a string of frustrating months when, all of a sudden, his eyes fixated on a young vixen across the room. I turned my head to see what tickled his fancy and immediately understood why the ursine was ogling. Standing across the room, wearing a Mediterranean sun skirt, a tight pink tank top and hip sandals, was the hottest young bear that I've ever seen.
I looked back to Boo but he was already gone, having bee lined for the beauty with several strong strides. "Hi, I'm Boo" he said, as confident as I've seen him in quite a while, "I couldn't help but pick up your scent and I simply had to meet you." The young honey smiled slightly, slowly sipped on her drink and surveyed the frisky fur. "Hey Boo," she cooed, "My name is Winnie." At this point, our entire table was watching the exchange, measuring the body language and the palpable energy between them. After 15 minutes, she scribbled something on a cocktail napkin, offered an inviting smile and walked from the room.
As the bear sauntered back to the table, our entire group sat there stunned. We knew it's been a while since he has a squeeze of the non-equity variety and we couldn't help but feel Trent Walker style of pride. "Dude, you're money," I offered, taking the lead before anyone else chimed in, "but whatever you do, no matter what, you gotta wait three days before you call her!" Boo sat back in his chair, looked around the table with a hint of a smile and quietly replied "I got it covered."
Now, for those Minyans who are new to the mix, let me assure you that I'm not losing my mind. It's been three years since Hoofy and Daisy hooked up in the Hamptons and our furry friend has endured a rather lonely existence. We need only look to this morning's Investor's Intelligence numbers (20.4% bears) to see how few of his friends are still around. These are levels last seen in late Decemeber and, as we painfully proceeded, the lopsided leans ended with some clocks clean.
That's not to say that Hoofy still won't get lucky. In fact, there's a growing belief in certain circles that we've got another sharp rally in our midst that will effectively shake out the hapless hopers. The notion isn't all that far-fetched-we've spent the last few weeks working off the overbought condition, the DJIA (10,600), Drillers (OSX) and Homies (HGX 520) look poised for acne, there are structural underpinnings in play, Friday's expiration could exacerbate volatility and, of course, performance anxiety will only get more intense as we edge towards July.
Boo, who is smitten as a young kitten, casually asked Hoofy if he noticed the non-confirmations in the banks (BKX) and trannies (TRAN). He also noted that we're still under some stealth resistance levels in the major averages (the uptrend lines from the '02 lows) and offered that earnings were gonna come out fast and furious in the coming weeks. While these discussions are usually pretty heated, there was no acrimony at this particular Mexican fest. We were there as friends, celebrating President Fish and enjoying the good fortune that we together share.
As I leaned back and surveyed the scene, Kevin walked over to me and put his arm around my shoulder. "Thank you Bubba," he said, "we've got some great things going on and we're gonna hit this hole hard." I looked at my best friend of 18 years and smiled. "Brother, it's not about where we're going-there will always be new milestones and higher goals-it's about right here, right now at this very table. You're surrounded by your beautiful family, your very best friends and business brethren who very much respect you. Soak it in and make it count, Fish, as it simply doesn't get any better than this."
Good luck today.
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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