The Critters Take Manhattan!
I don't have a thing to wear!
These little town blues, are melting away
I'll make a brand new start of it - in old new york
If I can make it there, I'll make it anywhere
It's up to you - new york, new york
Stop the presses! Hold onto your hats! Put down that schnitzel! The announcement you've all been waiting for has finally arrived! The Ruby Peck Foundation for Children's Education, in association with Minyanville Publishing & Multimedia Inc., is proud to announce the first annual Critters Choice Awards! On November 12th, luminaries from the music, film and finance industries will join forces for a musical benefit & charity auction in the heart of New York City. The critters will kick off the festivities by ringing the closing bell on the New York Stock Exchange, spend a couple of hours sprucing themselves up and then join the celebrity cast for a night of good tunes and better vibes. Legendary music director Leon Pendarvis and the Saturday Night Live band will host an array of all-star talent in what promises to be the philanth-rockin' event of the year! Wasabi!
While our efforts in Minyanville will continue their educational focus, we're proud and excited to be associated with this upcoming event. Over the coming months, please visit the Critters Choice Awards website as we'll be updating the program with attending talent, special guests, honored recipients, noted sponsors, auction details and ticket information. With your help, we're gonna make a difference and improve the lives of children through a broad base of programs and alliances. That, my friends, is pretty cool.
In the meantime, we've got a market to trade and the Minx hasn't been in the best mood lately. The incessant head fakes and underlying crosscurrents are food for thought as we attempt to change the recent range. While I've been somewhat vocal lately regarding my big picture bent, I would like to stress the importance of identifying a suitable horizon. A wide array of Minyans read these pages and each has unique risk tolerance and financial goals. You've gotta find your groove and attempt to let the market work for you.
As discussed, the near-term slant isn't as clear as my long term rant. While Boo has a few balls in his court, Hoofy's heroes aren't about to abort. As we power up for another day in the fray, the ursine uglies will be leaning against the series of lower highs (S&P, NDX, BKX, BTK, DRG), deteriorating internals and a general (yawn) complacency. The bovine insist we're fine as they point to some "hooking" stochastics, fresh shorts (SOX), better economic numbers and the global central crutch, er, banks. Meanwhile, both camps will be focusing on the bond market for signs of stabilization/slippage and the all-important 50-day moving averages for the S&P and NDX (we're right there).
For my part, I've got a wish-boned book set up as I've got some trading positions and other longer dated paper (puts). I've been eyeballing S&P 1000 as an inflection point and faded (read:selling) rallies as they try the supply. If we break above that zone, there are layers of resistance up to S&P 1015ish but, for purposes of my near-term risk, I'll likely move that exposure to the sidelines (it'll break the sequence of lower highs). Please note, however, that I plan on using higher prices (if and when) to add to my longer dated put positions. It remains my contention that a sloppy drop is a matter of when, not if.
I'm gonna join my pal Rick Schottenfeld for a brief stint on CNBC Squawk Box at 8:45 EST so please forgive me if there's a lag in the ayem posts. I'll be the guy that resembles the cartoon at the top of this page--if you add 30 years and 20 lbs! Thank you for your patience regarding the timing of this announcement as the team as been hard at work. Casey, you continue to amaze me with your talent, vision and spirit--you remain an inspiration. If we've learned anything during these last few years, it's that life isn't always easy but, if we're true to ourselves, it can often be very rewarding.
Good luck today.
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