Freaky Friday Potpourri: A Hughes Loss!
Balance and Perspective on the path to profitability.
As I powered up this Friday pup, I was greeted with the unfortunate news that John Hughes, one of my all-time favorite writers and directors, passed away at the age of 59 from an apparent heart attack while walking the streets of New York City.
Old school Minyans know all too well the influence Mr. Hughes had on my writing. My first columns quoted scenes from my all-time favorite movie, Uncle Buck, and they've been steadily streamed throughout the years.
- Sixteen Candles
- The Breakfast Club
- Pretty in Pink
- Ferris Bueller's Day Off
- Some Kind of Wonderful
- Planes, Trains & Automobiles (and no, those aren't pillows)
- Vacation, European Vacation, Vegas Vacation
- Weird Science
- The Great Outdoors>
- Home Alone
The list goes on and on. We often talk about tossing a positive pebble in the proverbial pond of life. The influence and brilliance of Mr. Hughes will indeed ripple for generations to come.
Thank you for the smiles and memories and rest in peace. You were truly one of a kind.
Nuts & Guts!
The payroll data hit this morning with a better-than-expected loss of 247,000. Man, are those folks at Goldman (GS) lucky or what?
While I take everything from the Bureau of Labor Statistics with a grain of salt, this report beat the Street estimates from soup to nuts, consistent with the game plan we mapped in recent days.
As discussed yesterday, a "perfect world" would include some slippage (to put distance between Thursday's close and Breakfast with Beeks) and better-than-expected employment data. Why? Rally phases like this typically end on good news, just as nadirs are nestled in the midst of bad news.
The giant question mark is, given the precise 50% retracement of the NASDAQ and the precise 50% rally in the S&P and the full lunar eclipse, is the entire set-up too cute?
Time will tell, my friends, but I know this. Given my entry level (NDX 1630, COMP 2007) and the parameters of my stop (2%), risk management trumps reward chasing as far as this bet is concerned.
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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