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Freaky Friday Potpourri: General Malaise

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It seems the next shoe has dropped.

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  • We've been writing about the risk to "financials in drag"for years so rather than taking up more of your valuable mindshare, I'll simply point you to my opening missive.

  • Just because this guy was the Comptroller General of the United States, what gives him the credentials to say we suffer from a "fiscal cancer that has catastrophic consequences for our country?"

  • You mean, besides the fact that he was the Comptroller General of the US?

  • The upside of being A.D.D. is you can eat the same lunch three days in a row and not notice.

  • Following up on Coops DeVille's potentially bullish scenario, see the reverse dandruff in the S&P. It won't confirm until we break through resistance (S&P 1405) but it's a pattern worth slapping on your radar as we collectively find our way.

  • Don't be the Greatest American Hero, just be yourself sir. No matter what happens, that can't take that away from you!

  • Opportunities are made up easier than losses but we wouldn't human-nor would be effective traders-if we didn't take our performance personally. I've made alotta missteps throughout my 17- year career. If I can share those mistakes with hopes that you can avoid them altogether, my time in the 'Ville will be time well spent. A few nuggets for your perusal:

    • Forget yesterday's P&L and manage today's risk independently.

    • Don't dwell. Staring in the rear-view mirror will cost you profits in the path ahead.

    • Leave emotions for weddings and funerals. A little lucidity goes a long way.

    • If you're trading a stock with an intense personal agenda, put it on your restricted list.

    • Don't press or guess. Proactive patience will serve you in good stead.

    • If you don't know, don't go... or trade a little "in between."

    • Few positions and smaller size are good steps towards getting your mojo back.

    • It's usually a good idea to step away from the screens just when it feels like you "can't."

    • Always adapt your style but never conform.

    • Discipline must always--and I mean always--trump conviction.

  • General Electric (GE) is precisely the type of shoe Imelda Marcos feared on late yesterday's Buzz. As we said then, the reaction to news will speak volumes.

  • It's a tough task but if I had to list my favorite tunes of all time, they would be 1) Little Wing, 2) Shining Star (performed by Jerry, part 2 and 3 here) and 3) Blackbird.

  • I plan to head home with some jingle in one pocket and dry powder in the other. And yes, that's exactly what those will be. What, you think I'm just happy to see you?

  • The VXO (volatility) held where Boo needed. It's not an absolute tell (no such thing) but it's worth watching as we wiggle and jiggle through another Freaky Friday.

  • That, along with the still stanky breadth, tilts today's scale to the downside. Anything can happen in The World According to Haaaaaaaaank but that's where we stand in through a traditional trading lens.

  • With Memorial Day coming up, I can't help but think of "my brother" Joel Pollack. He was taken from us too early and he was as fine a man as I've ever met. Salt of the earth. Real. Strong of heart, mind and morals. I miss him terribly and try to "Do Something Joel" each day, smiling as I remember him each time.

  • As always, I hope this finds you well.


R.P.

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No positions in stocks mentioned.

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 todd@minyanville.com.

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.

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