Buzz & Banter
My first reaction in reading Fleck's latest blurb was some amount of relief, because some other folks smarter than I were sensing the same level of optimistic frenzy that I am. My second reaction? An impulse to buy some puts or to lay some shorts out there. After all, I might be wrong for a day or two, but this level and pace of buying frenzy often (but not always) destroys itself. It'll be a profitable trade within a reasonable time frame.
But I immediately thought back to a few days ago, about the strain of the having the market move against me. Even then it was a low-probability move. But it still went against me. That emotional shadow still lingers, however faint time and some perspective has made it, it's still there. So I am doing nothing. I watch and I wait.
If this move is due for a tradeable pull-back (5% to 10%) before powering higher, we'll have time and price to trade successfully from the short side. The bulls aren't going to go straight back down from here. And if Fleck is right and the second half will provide a more meaningful reckoning between economic reality and the stock market, well, we'll have even more time and price from which to trade the short side. Either way, top ticking the markets isn't necessary.
Emotion made me want to stretch to get close to the top tick. Perspective has holstered that impulse. I watch. I wait.
n on this website solely reflects the analysis of or opinion about the perf=
ormance of securities and financial markets by the writers whose articles a=
ppear on the site. The views expressed by the writers are not necessarily t=
he views of Minyanville Media, Inc. or members of its management. Nothing c=
ontained on the website is intended to constitute a recommendation or advic=
e addressed to an individual investor or category of investors to purchase,=
sell or hold any security, or to take any action with respect to the prosp=
ective movement of the securities markets or to solicit the purchase or sal=
e of any security. Any investment decisions must be made by the reader eith=
er individually or in consultation with his or her investment professional.=
Minyanville writers and staff may trade or hold positions in securities th=
at are discussed in articles appearing on the website. Writers of articles =
are required to disclose whether they have a position in any stock or fund =
discussed in an article, but are not permitted to disclose the size or dire=
ction of the position. Nothing on this website is intended to solicit busin=
ess of any kind for a writer's business or fund. Minyanville management=
and staff as well as contributing writers will not respond to emails or ot=
her communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.<= /p>
Daily Recap Newsletter