Sometimes, we get so busy in life, we become human doings rather than human beings. That's easy to fall into, especially when there's so much to do.
How is someone expected to work out to "Easy like Sunday Morning?" I was at the gym this morning, with my trainer at 7:00 AM, doing this nasty thing called the "Farmer's Walk" (up and down stairs with 45 lb plates in each hand). The background tunes? Lionel Richie. Lionel Richie! At 7:00 AM-at the gym-walking up stairs-with weights in my hands. Are you understanding why this was so wrong?
Hoofy will argue that a sideways basing (around S&P 1500) is the healthiest alleviation of the heretofore overbought condition. "Heck, I'll take time over price," he told me as he sipped on some milk, "any day and twice on Sunday."
The CRB (which is a proxy for asset classes of all shapes and sizes) remains stuck in the mud at a triple technical inflection. This is potentially important, particularly as the dollar starts to find fresh legs (+50 bips). A stronger dollar is not what the bulls wanna see right now.
"Judging by the way some of the momo names are acting such as Crocs (CROX), Baidu.com (BIDU), along with the fact that the S&P closed down the last two days after probing higher suggests we may be seeing buy programs masking distribution under the surface. The third time may be a charm for Boo if we go negative after this morning's pop up open once again." Professor Jeff Cooper on this morning's Buzz (10:43)
So, is expiration playing games with the undercurrent of today's tape? In the immortal words of Jeff Saut, "You betcha!" This is the thing, though, while S&P 1515 and 1525 have big open interest, they only act as magnets as we get closer to the strikes (the magic of gamma).
In that vein, and as index options expire on the opening print Friday, they're becoming less of a factor in the dynamic market mix. S&P 1498ish remains an important technical toggle the udder way, so you know, so keep those eyes peeled.
I gotta tell ya, Hoofy & Boo are en fuego today! Mark my words, these frisky critters are gonna change the face(s) of finance!
The Following Buzz appeared between 11:00 AM and 12:00 AM…
What is it about moving that evokes such memories? Is it the pictures found at the bottom of a desk drawer? The copies of emails, letters and notes that remind us of past history? The recognition that one phase of life is over and another is about to begin?
We're moving the MVHQ digs, taking a much bigger space and expanding the business. That's a good thing, although it's labor intensive nonetheless. And as I sift through the many memories, it's hard not to reflect. Sometimes, we get so busy in life, we become human doings rather than human beings. That's easy to fall into, especially when there's so much to do.
I apologize if this particular post isn't about flattening breadth, heavy semis or grabby greenbacks. It's about memories and Minyanville, about MIM1, our early columns, the first professors and why we started this community on the heels of 9/11. It hasn't always been easy--it hasn't always been fun--it hasn't always been right.
But it has survived and, dare I say, thrived.
I just walked into
Charlie Mangano's office and told him, "You know, Charlie, I should be happier. Business is good, we've got fresh digs, we've locked a few meaty deals and, after some rocky personal roads, things on that front are in a good place. Why does it take something bad to make us realize we've got it good? Things are good--and I wanna make sure Minyanville stays true to our roots. That means expressing gratitude for what we have, rather than bumming about what we lack. It means staying true to who we are."
So that, my friends, is the purpose of this post--to thank you for sharing your journey with us and to express gratitude that you continue to hang in our hood. We've got some very exciting initiatives rolling out soon---stuff that'll make your head spin--and adding more content to an already stellar cast. So stay tuned, and get psyched.
The best is yet to come.
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 email@example.com.
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