Are You Dirty, Harry?
"Did he fire six shots or only five?" Well, to tell you the truth, in all this excitement I kind of lost track myself.
The gun and flames, er, fun and games continue as we edge over the Monday hump and ready for the close. After an initial rally attempt, the requisite probe (after a fugly Friday) and some midday stabilization, the answer we really wanna know is if Snapper can trap 'er to finish out the session.
A pure sniff of the tea leaves suggests that hope (of a rate cut) isn't a viable investment vehicle. Breadth is steadily punk (3:1 negative), good news isn't gaining traction (Intel (INTC) ) and consumer proxies, such as Wal-Mart (WMT), are flirting with multi-year lows. All the while, folks seem to be waiting in vain for the Fed to save the day and, whether they fired five shots or six, invisible catalysts are tough to game.
There are some constructive elements nestled in the muck, such as the steady bid to Goldman Sachs (GS), the most important stock in the universe, which feels like it wants to get up and go. Hence the importance of respecting the price action but not deferring to it. For if it were that easy, the tape would be "good" higher and "bad" lower, which is the polar opposite of the right way to trade 'em.
For my part and with my money, I'm in watch mode here as my mind wanders between the tape and the calendar page. It's hard to believe that it's been six years since that fateful day and, under the 'know thyself' rule, I'm taking some deep breaths as I digest a bevy of emotions and a full plate of feelings.
As always, I hope this finds you well.
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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