The Fly Try
Be good to yourself--it all starts within.
For long you live and high you fly
And smiles you'll give and tears you'll cry
And all you touch and all you see
Is all your life will ever be
Talk about ticking away the moments that make up a tough day! There's nothing better than a sit down with friends and today's sashimi treat was particularly sweet. It should never take something bad to make us realize we've got it good. As this is a time for looking back and moving forward, it was nice to embrace these principles and live by example.
The meandering Minx has found some footing and she's currently probing the near-term resistance. The financials have been firm all day and that, along with the minty breadth, buoyed sentiment out of the gate. Once the daily flies (semis) were swatted by the massive put seller, the Red SOX reversed and the squeeze was on. In a thin and wispy tape, it didn't take much.
For the active Minyans among you, I'm currently eyeing S&P 1020ish and NDX 1350-55ish as daily inflection points. With that said, technical perspective is always a function of one's trading horizon and, as it stands, the longer term S&P acne is in tact (as long as we hang above S&P 1015). Remember, quarter-end looms in 13 short sessions and portfolio managers are anxiously eyeing their calendars. Bob Dole isn't the only one with performance anxiety these days.
A snapshot of today's tape offers little cause for pause. It's o.k to play any way you choose to stay--just understand that the bear case hasn't disappeared (it's just hibernating). It won't matter until it does but, as we learned yesterday, there are two sides to every coin. I don't know what pricks the psychology bubble or what shifts the tide but please, Minyans, have a defined strategy regardless of your posture.
In Minyanville news, George Hill was the first to identify Tia as a coffee drinker (she's not doing it to impress you) and he'll walk away with a brand new tee. In other Minyanville news, I've received a lot of requests for information regarding the upcoming Critters Choice Awards musical benefit. All new information--including talent, sponsorships, tickets, contests and auctions--will be dynamically updated on the CCA site so feel free to check it out!
Finally, and most importantly, I would like to thank all of you for your kind words today. I know it's been hard as a lot of memories have been brought to the surface. This community was founded with a vision of interactive philanthropy & education and without you, none of it would be possible. Please know that we appreciate your support from the bottom of our hearts.
Have a most peaceful evening.
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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