Have you hugged your critters today?
It's quarter to three,
There's no one in the place 'cept you and me
So set 'em' up joe
I got a little story I think you oughta know
It was early September 2001 and we were holding court at the Four Seasons Hotel bar. Bob Pisani, Tony Dwyer, Bill Meehan and I were actively debating the merits of the market and, as the minutes turned to hours, the smiles piled up. Despite my best efforts to introduce Bill to Grey Goose apple martinis, he wouldn't budge from his trusty Bud. One minute we were talking, two seconds later we were laughing and, before I knew it, we were three sheets to the wind!
Long after Bob and Tony made their way home, Bill and I sat there and discussed the meaning of life. We were both going through a personal transition and--I remember it like it was yesterday--he urged me to seek what would ultimately fulfill me. I wanted to share his subtle and sage encouragement with my fellow Minyans. It's so simple, yet it is life's ultimate reward.
Turning our attention to the Minx, the early morning action is relatively subdued. They made an initial thrust out of the gate before the sloppy SOX quelled the swell. Now, they're trying to once again establish traction and climb the vine to greener times. The financials are doing their part, thank you, the breadth (thus far) is minty and it's shaping up as an S's over N's day.
Watch NDX 1350-1355 (if and when) as initial resistance for the four-letter freaks. On the big board, S&P 1020ish will provide a similar ceiling. Again, in the world of technical analysis, there are certain levels that are more important than others. In this particular instance, the longer S&P 1015 stays beneath us, the more emboldened Hoofy will become.
Professor Fleckenstein (that's Fleckenstein!) opined yesterday that he felt that we've seen the highs for the year. That's a fairly aggressive call but it's certainly not out of the question. The determinants of that outcome are the incremental news flow (ie-further bank blows), the geopolitical landscape, economic traction/slippage (particularly on the jobs front) and, perhaps most importantly, the liquidity fluidity. In other words, the dynamic script is still being written and many unknowns loom. As I've said, I don't know if this is THE time, but I agree with Bill that it's a matter OF time.
Finally, to finish the story, I have to tell you that as my evening with Bill pushed further along, I was gettin' itchy to leave. I was bushed, it was a school night and I had to go home and finish up some work. He didn't make it easy--one story fed into another and he was on one of his patented rolls. I forced the issue and insisted that we pick it up at a later date. As fate would have it, that day would never come.
Never take time for granted, my friends, and don't put off until tomorrow what you can enjoy today. For if we've learned anything over the past few years, it's that tomorrow is promised to nobody.
As always, I hope this finds you well.
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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