Random Thoughts: Waiting to Exhale
Bulls hold their breath during the bounce.
Editor's Note: The following was posted in real time on our premium Buzz & Banter. It's being shared here for the benefit of the Minyanville community. See also Answers I Really Wanna Know: Will Turnaround Tuesday Strike Again?
So, what's gnu? Just your average everyday Turnaround Tuesday on this end, save that oh-by-the-way Rainbow Room banquet at high noon. I debated whether to bring it up this morning for fear of invoking the Mojo God wrath but heck, it's been a helluva year and a long hard road for the Critters. They're thrilled with the nomination but now, thisclose, they want the hardware.
Not just for them, but for you. For us. For ye faithful around the world who join us each day on our journey and believe there's a better way to do business and our name and word still mean something. Yes, it's a big day for the collective community and I'll simply say this. Win, lose or draw, we've come a long way baby and we've only just begun.
President Fish, Grandpa Mangano, Pepe Depew, Big Toe Ike, J-Roh, Corey and myself will shuffle crosstown around 11:00 to represent and, truth be told, I'm unsure how long the ceremony itself will take. Suffice to say that IF the stars align for our compatriots, we'll get the word out for all y'all. If you don't hear from us--or if I'm back at my turret by the close--that will be all you need to know.
So, with all that said and my bottom lip bit, I turn my eyes to the tape as we edge through the Tuesday dew:
- Yeeshers, so much for the dry eyes of Amazon (AMZN) and Research in Motion (RIMM). Both master betas out-performed yesterday and felt like there were buyers below. Today, it's the mirror image of that scrimmage as beta is taking in on the chin across the board. Nothing is easy in this market. Nothing.
I'm still there, which may be hopish considering the technical importance of RIMM $40. It's not a huge bet (and it's through options) but there's a fine line between risk rationalization and proactive patience. It's called profitability.
I'm picking up chatta of fresh cracks in the money market arena but I don't have details. Keep your ear to the ground and your eyes wide open, however, particularly given the psychological fragility currently in place.
After yesterday's stressy mess, a probe lower was and is intuitive. As always, we'll need to watch our daily tells for clues in the fuse. Today, that means I wanna spy internals (still 2:1 positive), financials (marginally green following yesterday's crash), General Electric (GE) (+5% on an earnings cut and dividend keep), the dollar (pinkberry) and you. I'm watching you, Fokker.
Only trade with what you can afford to lose. Risk management over reward chasing. Discipline over conviction. Profitability begins within. Capital preservation, debt reduction and financial literacy. Yeah, you know the drill as we've been drilling 'em home for many years. This is what we've trained for and this is what we'll conquer.
Good luck Minyans--be the ball!
Please be advised that the 2008 Holiday Festivus to benefit the Ruby Peck Foundation for Children's Education has officially SOLD OUT as we tagged our magical 300 Minyan mark. If you (or someone you know) would still like to attend, shoot us an e-mail and we'll see what we can do. We strive to take care of our own in these parts and as always, we'll do our best to circle ye faithful.
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.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap Newsletter