Fare ye well into the bell!
"Now listen this is your last week of unemployment insurance, either you kill somebody next week or we're going to have to change your status."
Office clerk, History of the World: Part 1
The afternoon wag is starting to drag as weary traders slowly raise the white flag. For all the pushing, pulling, hemming, hawing, picking, grinning, hitting and spinning this week, the S&P is (drum roll please) three handles higher and the Dow is 20 points lower. The Nazz showed some relative pizzazz (to the tune of two percent) but it took alotta effort and more than a few hair follicles to get there!
If this was the appetizer, next week should offer up a three course catalyst meal as we have the angst of quarter-end, the first rate hike in years and some geopolitical jitters to chew through. Add to the mix a bevy of Beeks, an earful of earnings and some tangible technicals and, well, it promises to be nuttier than Austin Power's coffee. Get your rest, Minyans, and remember to enjoy the important stuff while you can.
Freaky Friday was anything but as the metals, currencies, fixed income and equities all danced on either side of the flatline. It certainly feels as if the tape wants to break out, but the little bear on my shoulder keeps pointing out the lopsided sentiment and uber-twisty stochastics while whispering "Don't anticipate the anticipator." I can honestly see both sides and am fairly certain that whichever way the cookie rumbles, it'll do so rather vigorously. That's why I'm of the (humble) view that flat deltas and long gamma offers the best risk/reward.
I'm gonna jump such that I can post this while the ticks are still flickering. It's been a bit nutty in the city of critters as we've been juggling a ton of hats. We've got the Minxy muck, we continue to build the content (person by person), there's the upcoming "take a deep breath and enjoy life" retreat, the Critter's Choice Awards are in motion and somehow we've managed to focus on the important stuff with family and friends. Balance and perspective, my friends, are the common denominator of happiness.
Have a peaceful weekend.
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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