Kiss my trendline!
Who knows how long this will last
Now we've come so far, so fast
But, somewhere back there in the dust
That same small town in each of us
It's an uber-slow session in the city of critters and, as such, you'd think the kid would be on his game. Think again! After returning from my midday meeting (more on that later), I was anxious to ingest a lunch time fest. In what can only be described as another Fokker shocker, the young lad once again dropped the meal ticket. Hey dude--perhaps a little less waxing would be more relaxing!
My midtown tet-a-tet was with a legendary investor who shall remain nameless. Suffice to say that he's been around the block a few times and established a reputation as one of the shrewdest traders of all time. We discussed many things (including the top secret event that's approaching) but my ears perked up when the talk turned to the tape. As a student of the game, I yearn for perspective and sought his directive.
His take was much the same as what we've been discussing. There are various reasons for a market move and while we may not agree with them at times, we must always respect them. With a little prodding, he opined that he could paint a bleak long term picture but--and this is important--it could take a few years to unfold. He touched on the agenda of the global central banks and warned of (and I quote) "pissing in the wind." For what it's worth, he's doin' a whole lotta hand sitting these days awaiting a tangible edge with which to trade.
I share this with you as we collectively trudge through the summer muck. I'm not going to discuss our levels again (does that count?) but, as everyone is keying on them, we must recognize that they exist. The action should begin to pick up in front of tomorrow's economic data and Friday's orange crop report. With every finger on the proverbial trigger, we must remain alert for volatility to emerge at a moment's notice.
In Minyanville news, I will only say that the big announcement is coming any day. After the build up it's received in recent weeks, the bar of expectation has been set rather high. With my best Joe Namath impersonation and guarantee that it'll be an upside surprise. Not only that, but once the cat is out of the bag, the kitty litter is sure to grow.
Finally, congrats to Minyan Robert Beatty who was the first to nail today's trivia. It takes 72 muscles to produce human speech and, while he didn't name them all, he wins his choice of a kick ass Minyanville tee. Noice!
As always, I hope this finds you well.
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