The Bull Whip!
May peace be with you!
When a good time turns around
You must whip it
You will never live it down
Unless you whip it
Man oh man, there is some serious whippage out there. The fade of the fade's fade (follow?) has now eked out some green screens while the red dread continues to spread. Heh? Exactly...it's that nutty today. The averages are up, the breadth still stanks, the financials are getting a group hug (read: squeeze) and Fokker has been M.I.A since his lunchtime disappearance. Calgon, take me away!
It's uber-thin out there and the illiquidity is producing more gaps than a Snoop Dogg video. I've seen some meaty covers in ETF-land but other than that, it's been a quiet riot. All eyes have now focused on these technical levels as it does battle at the S&P 50-day. Our point & figure work HAS confirmed the triple bottom sell signal but I'll defer to Kevin "Pepe" Depew on that one.
Aside from my gamma trades, I had some intraday positions on with a tight stop. Once elected, that risk was removed and my remaining positions mirror the time horizon of my thesis. I still feel that this tape has some serious issues but, again, timing remains the single biggest question mark. And, as always, discipline must always trump conviction.
So, as it stands, we're still playing in the band and we've yet to see meaningful resolution of the range trade. After the pressers guessed, the bulls impressed and we're right back where we started from. Fokker? He just returned, guitar in hand, with the added signature of Paul Tudor Jones. The philanthropic momentum continues to build, my friends, and the light at the end of the tunnel is blinding. What am I talking about? You'll soon see...and it'll all make sense.
Have a peaceful night.
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 email@example.com.
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