Mr. Bucs fan is coming? Holy Cow!
Will the wind ever remember
The names it has blown in the past?
And with this crutch, its old age and its wisdom
It whispers no, this will be the last
The tug-o-war continues as Hoofy and Boo toe the opposite sides of some very important technical lines. As I watch the critters ing)">schvitz with nervous anticipation, I've been listening to the various opinions around the street. I've been doing this a long time and I'm not sure I've ever seen a wider range of consensus. I've heard everything from complete meltdown to vicious rip to new highs. What's a critter to do?
One of the most--if not the most--important decisions you will make, centers on your individual approach. If you're a long term investor, the daily noise shouldn't be of interest to you. If, on the other hand, you're an active Minyan, a big picture thesis is irrelevant. Before you step onto the trading field, these questions should already be answered.
For my part, I view myself as an amalgamation of sorts, as I marry a broader view with an active approach. In other words, I'll try to make hay when the sun shines but I'm quite conscious (and convinced) that a long, hard road exists for the Minx. That sometimes confuses the critters but we've established boundaries and parameters with which to operate. Again, there are trades for the day, trades for a catalyst and trades for the thesis. It's alright to have each of them on your books as long as the lines of distinction don't blur.
With that said, my current (and humble) view continues to be to sell rallies. In the shortest of time frames, I believe the low 900's are in the cards for the S-cargo. On the upside, NDX 1240 and S&P 985ish should provide decent resistance. If (big if) S&P 1000 (first stop) and S&P 1015 (second stop) are breached, there's room up to 1060ish. I don't believe that happens (I "think" we've seen the top for the year) but I've been wrong before and I'll certainly be wrong again.
I suppose another (simple?) way to put it is that the market is vulnerable. Technical damage has occurred, sentiment is still quite complacent, good news is getting sold and the bell curve is skewed hard to the right. The mongo question is whether the bears (what's left of them) can deliver a meaningful punch to the gut. I have no doubt they will--I just don't know when it's gonna happen.
Anyhow, that's what I'm thinking as we trudge through another summer session. I think Snoop brought up a very important topic this morning and it developed into a nice discussion in News & Views. The vision of Minyanville has always been to add food to your thought, and those guys certainly bring some meat to the table.
On a more exciting note, we've got Mr.World Class Bucs fan coming to Minyanville tonight! He stepped up huge in support of the Ruby Peck Foundation for Children's Education and he'll be joining Snoop, Succo and I for dinner tonight before chillin' with the critters tomorrow. Wasabi!
As always, I hope this finds you well.
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