Randoms: The Sunset Grille
Past support is future resistance.
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Apologies for the laggage of this communique but I was shaping tonight's Murmurs for The Railroad and try as I might, I've yet to learn how to type with my toes.
Some top-line vibes as I get down on it:
- As every journey is comprised of single steps, I initiated an S&P short when we broke 920. It's not dissimilar to the first fade (read: sale) of S&P 950 a few weeks ago, which was covered when we retreated to... S&P 920.
- Past support is future resistance and verse vica. The next tangible support is S&P 907 (200-day) and S&P 892 (50-day). They're contexts--not catalysts--but serve as good guides for risk definition wrapped around an overall thesis.
- Another approach might have been to slap on short exposure and set a stop on the other side of S&P 950 (drawn with a crayon not a pencil). There's no "right" answer, only what's within your comfort zone as it relates to your risk profile and time horizon.
- For me, given I "left room" for an performance anxiety driven "exhaustion pop" into quarter-end (which is still viable, mind you), I opted for to hit it and quit it and make it to take it. It's not as sexy as Fred but to that I'll ask, where is he now?
- As you might have guessed, I've set my stop on the other side of S&P 920, which will define my intra-day risk but not protect against overnight gaps. That last part warrants particular attention given the headlines slated to hit the tape.
And Oh-By-The-Way (but not really)...
You know what's awesome? When we started the 'Ville, we issued 100 "Founding Minyan" certificates for the first 100 Minyans, most of whom still hang in the hood and sign off with their digits. Fantastic cats like Minyan John Dunn (#27) who in 2003, in the middle of Hurricane Isabel, drove from Ft. Lauderdale to Del Ray to shutter the windows for my grandmother, who was alone after losing Ruby.
That's the stuff some people don't understand about Minyanville, the human capital aspect. When we talk to potential partners, we highlight the "Three C's"--content, critters and community. While the first two have tangible (albeit sometimes unconventional) benefits, the notion of community is somewhat amorphous.
That's why I always end the meetings with the same statement: "Trying to explain Minyanville to someone who hasn't experienced it is like trying to explain the sunset to a blind man. You can't paint the picture but unless you "see" it, words don't do it justice."
Anyway, sorry for the rant--this is simply my way of saying thanks. A dream is only as powerful as those who believe in it and not a day passes without that realization being in the forefront of my mind.
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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