Catching Up and Idle Thumps
"Back in the saddle, again."
"Tis not in mortals to command success,
but we'll do more, Sempronius; we'll deserve it."
-George Washington, quoting Cato
You cannot command trading Mojo. Mojo appears when Mojo wants to appear. There's Mojo's schedule and your schedule and yours doesn't matter.
All you can control is your energy, focus and dedication. You can't demand a visit from the hot-hand of Mojo but you can create a Mojo-friendly environment for him. Of equal importance to your P&L, you can also know when you'd be bad company for Mojo; days when you don't deserve his company.
Such were the days of last week for me. I was slammed and surly and way too clouded to have a "feel" for much of anything, let alone stocks. I wouldn't have recognized Mojo if he shaved his head and were dressed in a plaid sports coat. It was the kind of week where I spent all day on Friday waiting for the PG&E (unlisted but would have the ticker EVIL) guy only to have him show up at 8pm.
If you have that dense of a karma cloud surrounding you it's almost certainly a really bad time to do much trading.
There's much to catch up on so let's get to it, bullet-style:
Greenspan talking about hedge funds while Senators rail against accounting shenanigans, almost willfully ignoring the filth in their own accounting House. If the idea was that I, as a market participant, would emerge from those exercises with a greater sense of ease that the folks "running things" have a clue... it didn't work.
Elmer offering that "the easy returns are likely gone for hedge funds" was classic. Easy? I mean, this was the same guy who felt the need to not-so-quietly intervene to bail out Long Term Capital, lest the global economy be quickly reduced to the age of serfdom, right? That said, it was good to see someone recognizing the market benefits of the Age of Hedge Funds ("... the marauding cabals of evil create liquidity as a function of their rumor mongering, price manipulations and general Scroogery...")
One thing that makes us all look like hamsters in a wheel, after you've had a couple days in the non-stock world to lend some perspective: The S&P 500 is down .8% for the year.
To catch up on my Tivo (TIVO) thought process: As I had remotely put in the Buzz last week, I sold some more of my long position into the post-earnings move. Despite finding the report A-Ok. I'm still long it, still like the Bigger Picture, but I've learned to trim gains when you get 'em with TiVo.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice 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 prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that 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 direction of the position. Nothing on this website is intended to solicit business 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 other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap Newsletter