Random Thoughts: Engine Room, More Steam!
Leave it all on the field today.
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 Conversation With Mr. Practical and Storm Clouds?
Gate Sniffage! - 10:05 am
- What's good for the goose is good for a gander. I know, I know, nobody cares. BUT... if they're gonna crack down on the short sellers, where the heck is the investigation into the buyers of Goldman Sachs (GS) regarding the Buffett investment? The stock popped a finski in the final ten minutes of trading Wednesday.
- Nancy. You got me on my knees, Nancy. I'm begging darling please, Nancy.
- Man, that's about as far from being the most powerful man on Wall Street as one can get. Yeeshers--strange days indeed.
- Green beans in the Red Sea? Some of the consumer non-durables (Procter & Gamble (PG), Coca-Cola (KO)) as we toggle with the other side of our Wishbone World (fun, eh?), Microsoft (MSFT) (again) and the biotechs (Amgen (AMGN), Genentech (DNA)). Retailers too, interestingly enough.
- And gold... let's not forget gold.
- Where would this sit on the denial-migration-panic continuum?
- As much as I love to trade--and as much as I dig free markets (RIP)--I continue to operate with very strategic, defined steps. Again--there is tremendous two-sided risk (that wishbone world thing) so see both sides and let's be careful out there.
- Nestled somewhere between benevolence and narcissism, I'll ask ye faithful to quickly and help spread our message of financial awareness.
- Make it stop! Make it stop! Make it stop!
Six Two Stacked Monster! - 10:16 am
We like to do our part in Minyanville. Sometimes, that means throwing yourself under the bus for the benefit of the greater good. We've tried many things over the years to shake up the Mojo.
!esrever ni gnikaepS
But now, for the first time ever, we've tried something entirely new and different. If this doesn't establish a trading bottom, I'm not sure anything will.
Bank Shot! - 11:09 am
- Let's get back to justice. What is justice? Hard to tell these days (the whole world is out of order!) but Mr. Practical is on the right path.
- How can you smile at a time like this? My fellow Minyans, this is precisely the time we need to smile most.
- Long smiles, short trading (at least until the process of price discovery passes).
- That doesn't mean we can't play, it simply means that the rules of engagement have changed. Indeed, I bought some gold yesterday for a trade but parceled it out into the close as a function of discipline. Opportunities are made up easier than losses but that sword swings both ways (and syncing your risk to the appropriate time horizon is key).
- Do you buy Rosh Hashanah and sell Yom Kippur or the other way around? I never could remember how that went. Either way, with the holidays approaching, lemme be the first to wish all ye who observe a healthy and happy new year.
- Isn't being a community precisely what the internet should be about?
- Engine Room, More Steam!!!
- There will surely be survivors in the banking world and, as we've written, Bank America (BAC), JP Morgan (JPM) and Wells Fargo (WFC) will be among them (they actually may be them). Interesting that those are the three green beans in that complex today.
- Minyan Jim just offered to toss two-fitty into the RP Foundation if I wear the helmet on my upcoming Truman Show hit. I would but I keep thinking of the Joe DiMaggio story. You know, in his last season, he hit a routine grounder, ran as fast as he could to first and was out by a mile. When he got to the dugout, a rookie asked him "Hey Joltin' Joe, you knew you were gonna be out--why did you run so hard?" DiMaggio looked at him and said "There's always a kid in the stand watching a game for the first time. I want him to know that that's how the game is played."
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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