The Legend of Turnaround Tuesday Continues
Traders fade the bloom from the rose.
Did you ever have one of those days? Sorta like the metaphorical equivalent of schlepping into a noisy metropolis on a dreary Monday morning during a thunder storm only to find that the primary portal of your business -- your website -- was mysteriously lost in translation during the migration of your hosting infrastructure and remained off-line for over an hour during one the most critical junctures in global financial market history?
I have, and the only analogy I can offer is that I felt more like Ted Logan (before he was excellent) and less like Neo (after he realized he was chosen).
I slipped out of the office yesterday a bit before the bell -- in and of itself a rarity -- with hopes of finding some mojo or at the very least avoiding an action that I would later regret. (One of the best pieces of advice I've ever received was to sit on emails for 24 hours before sending.)
As I pulled into my apartment and fired up some financial television (yes, I'm a market junkie), I had a sudden thought.
Didn't we posit on Friday that the S&P had "room" to 1200 if it were to fill the opening gap (lower) that followed the US credit downgrade?
Click to enlarge
Hadn't we tossed on yesterday's Buzz & Banter that, while the S&P didn't hit real resistance until 1250, the NDX was bumping up against a similar situation at NDX 2200 -- which we flagged in the middle of yesterday's merger-spurred Manic Monday?
Click to enlarge
Isn't today Turnaround Tuesday, or the mirror image of the eye-popping scrimmage we witnessed last week?
And wait, did I really witness several financial commentators giggle -- yes, giggle -- as they openly mocked, "US downgrade what?" and reactively celebrated what was rather than what could be?
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.