Fare ye well
Save the strong, lose the weak
Never turning the other cheek
Trust nobody, don't be no fool
Whatever happened to the golden rule?
(Stevie Ray Vaughn)
I'll tell ya, Jimi is widely considered to be the greatest guitar player but Stevie Ray is right up there in my book. During a brief break from our Minyan mind meld, Queen Casey and I tossed in the Austin: City Limits DVD and watched, in awe, as SRV did his thang. He was truly a visionary and if he hadn't been taken before his time, he'd likely be the hands on favorite for all-time best.
Turning our attention from tunes to tape, there's no shortage of crossfire on my eight screens. I've been monitoring the action in various instruments and what stands out (among other things) are the price vacuums in some of these big cap names. BLINK!There's a dollar. SNEEZE! There's another. It's enough to drive a trader batty I'll yell ya!
The Minx has endured some rough sledding the last few years (literally!) and investors are understandably looking for a lil' payback. To add injury to insult, every time they've chased an "uptick" in the past, they lost a few teeth on the eventual reversal. As such, many waited out this recent rip, watching and waiting for signs. When the signs pointed higher, they waited for a pullback, and when the pullbacks got shallower, the chase scenes repeated. And here we are.
It's entirely too early to pen an equity epitaph and far be it from me to suggest it's all over now. What I will offer is that the froth-o-meter is redlining and other traditional downside ducks have aligned. Entering today, a "turnaround Tuesday" lined up in my mind's eye, but the midday action sparked my ire. There was no respect for the downside and I've learned over the years that, if nothing else, we must always respect the beast.
I'm jamming a little here so lemme juggle hats and tickle ticks. Keep in mind that the catalyst parade continues tomorrow starting with the Altera (ALTR:Nasdaq) mid-quarter update, the Hewlett-Packard (HPQ:NYSE) analyst meeting and a host of other company sponsored meetings. On Wednesday, the Deutsche Bank media conference and Goldman Gaming show begin and, of course, Thursday will usher in the Solly semi fete and Intel's (INTC:Nasdaq) mid-quarter update.
Deep breaths into the close, my friends. There are positives (breadth, banks, underlying bids) and negatives (semis, gravity, mania) nestled in today's muck. You must find your own way and be comfortable that you made lucid, well thought out decisions. Be smart, be patient and be yourself. No matter what happens, Coleman, they can't take that away from you.
Have a peaceful night.
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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