Hey Boo--you can always interview for a car seat position!
I was lying in a burned out basement
With the full moon in my eyes
I was hoping for replacement
When the sun burst thru the sky
Alright Fokker, it's time for you to come clean. While I was rubbin' elbows with the (gasp!) Bronco fans, rumor has it that you were scouting retirement homes down in south Florida. What gives, kid? Why is it that everyone you date either has to be in bed by nine or eat dinner by five? Is there some sort of age criteria you're not telling us about? Insurance stipulation? Generational fetish? Inquiring Minyans want to know!
Speaking of inquiring Minyans, the critters are biting their nails as they wait to see how this bad boy session plays out. After the initial spurt higher (stop it Greg), the Minx has been a sideways Sally for the better part of the day. We know that tapes that are up (down) all day tend to end that way and there's nothing in today's action to suggest otherwise. The breadth holds steady (2:1 positive), the brokers, banks, biotechs and semis are all logging double digit gains and the NDX has broken out. What's not to like?
I can ramble off a list of things not to like--and I have--but the Minx doesn't seem to give a schnitz. I would note the (marginal) series of lower highs in the daily S&P chart. I'm not sure it'll matter today but it's worth a mention. I'd also point out the false breakdown we saw last week (S&P) as a reminder that technical analysis doesn't work in a vacuum. It's one of four metrics (fundies, psychology and technicals being the others) and we must constantly balance their respective weighting in our trading brew.
What am I doing? A little less as the ducks dust off the dirt. I continue to believe that a top will be put in this summer but, for purposes of today's trading, you can wipe your nose with that thought. In the meantime, I'm dutifully plowing through my charts, looking at the relative field position of the sector indices and making my requisite calls around the trails, er, street. Wow--I've been Crested Buttianed!
In Minyanville news, we've been quite busy working on a secret project and as soon as it's ready to roll, we'll share it with the Minyanship. Suffice to say that our vision of marrying education and philanthropy is as strong as ever and, with your help, we believe that we can achieve great things. Just remember, the only failure in pursuing any goal is not attempting it in the first place. Think positive and be true to yourself--the rest will fall into place.
Good luck into the close.
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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