Random Thoughts: The Buyers are Higher
There are certain market truths we must all learn.
Editor's Note: The following was posted in real time on our premium Buzz & Banter. It's being shared here for the benefit of the Minyanville community. See also Jumping the Shark in Our Wishbone World?, See the Ball! and Playing the Probe.
Old School! - 11:48 am
- If John Houseman were around today, would he say "They take money the old fashioned way and buuuuurn it?"
- While I've laid it on the line for all ye faithful to see, that doesn't mean we can't see a probe or a retest. In fact, I would offer that it would be a healthy digestion (as long as the lows hold, of course).
- Once again, there's a difference between a trading low and a market bottom. The journey, Mon Frere, is entirely more palatable than the unavoidable destination.
- For and with my money--after punting my remaining exposure into yesterday's close and this morning's opening--I'm methodically layering into select upside exposure as a function of price.
- I wanna balance the other side of my book and the intuitive sector is the financials.
- Given my eyes, however, they don't "look" ready and I've unwound my smallish bets in that arena.
- I'm feeling FUNKY today. Why? Papa was a rollin' stone and wherever he laid his hat was his home...
Spanky Goes to Hollywood! - 1:05 pm
- Relax, Don't Do It? Seriously, where do these songs come from?
- I just said to Pep perhaps the single greatest truth in the marketplace today. The buyers are higher. He smiled and responded that the sellers are lower. True and truer, which was sorta summed up yesterday.
- And yes, expiration will exacerbate that volatility both ways in the sessions preceding Friday.
- Remember on Friday into the thick of the shtick when I said it was the most negative that I've ever seen?
- I'm wondering if the denial-migration-panic continuum has flipped the switch and Boo is the one in denial.
- Wait--did you feel that? You know, what you just felt when you read that last bullet? What was that thought? That glimmer? What did you feel? Be honest with yourself... it might very well hold a valuable clue with regards to your particular process.
- I'm not going hog wild, mind you--just trading with an upside bias and looking to add exposure at select spots.
- I'm on more deadlines than a cemetery--wait, that's poor taste, never mind. I'm on so many... uh, I'm so busy that... I, uh, hmmph. Lemme jump, Minyans--Tuesday's are always my busiest tussles.
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