You see a lot, don't you Doctor?
"You know what you look like to me, with your good bag and your cheap shoes? You look like a rube. A well scrubbed, hustling rube with a little taste. Good nutrition has given you some length of bone, but you're not more than one generation from poor white trash, are you, Agent Daisy? And that accent you've tried so desperately to shed? Pure Sheep's Meadow. What's your father, dear? Is he a coal miner? Does he stink of the lamb? You know how quickly the bulls found you... all those tedious sticky fumbling in the back seats of the cattle car... while you could only dream of getting out... getting anywhere... getting all the way to the top of the Minx."
Hannibal Lecter, Silence of the Lambs
The afternoon scrub continues to rub as the critters chew on the trading grub. After the initial lift on the heels of the double edged catalyst, Sammy has taken the wheel and driven us virtually nowhere. Now, as we ready ourselves for a much needed respite, the hedge fund hot potato is starting to fry. To ramp--or not to ramp--that is the question.
The bulls got what they were looking for but despite a squeezy Intel (INTC:NASD) hug and the Pavarotti tone, the relief rally remains somewhat muted. Nitpicky? Perhaps, but the semis are having massive trouble getting through yesterday's opening. One would think that this level would be rear-view by now (particularly with the crowd that's been leaning on the chip sector) but it can't jump the hump. Factor in BKX 98 and the litany of downtrend lines and, well, you can see why some are keeping their right hand up.
Next week is relatively muted on the catalyst front but something tells me that we won't be fiddlin' our sticks. There are a lot of crosscurrents to navigate--on many levels--and those elements will continue to be digested by a very frustrated trading community. I don't wanna sound like a broken record, my friends, but the path will remain tough and twisty for quite some time. The onus is on us to adapt to the Minx and identify advantageous risk/reward strategies.
I'm gonna hop so I can beat the bell but I wanted to wish ye faithful a restful weekend. We all have a ton to be thankful for and rather than wait for something bad to remind us of that fact, let's appreciate it while the gettin's good.
Fare ye well into the bell and may peace be with you.
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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