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?
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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?
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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.
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