"The pessimist sees difficulty in every opportunity. The optimist sees the opportunity in every difficulty."-Winston Churchill
Amateur night is almost upon us as people form all corners of the world will try and channel positive karma and hope for the new year. It's just a date on the calendar, truth is we can all change ourselves for the better at any second of any minute in any hour anytime we want. We just use this date to try and memorialize it. The liquor industry loves this day as clubs, saloons and gin mills go eight deep at the bar. Teetotalers will break down their wall and do shots of tequila while wearing propeller hats. They will vomit violently at several points as their Gucci's become ruined. They will also realize during this violent act of reverse peristalsis how little they chew their food. In some rare cases arrests and divorce filings may result. Tomorrow morning, most will wish they just stayed home and ordered Chinese food.
Many Danish leap off chairs at midnight on New Year's, hoping to ban all bad spirits in the new year.
At midnight on New Year's, Spaniards consume 12 grapes and try to consume all of them by the time the clock stops chiming. They will worry about solvency on Monday.
In South America, those who wear red underpants, are hoping for love in the new year. Those who wear yellow, are wishing for money.
The ancient Greeks paraded around in the streets with a baby in a basket on New Year's Day. It's part of the cradle to grave thingy.
Fire crackers are set off to frighten off evil spirits on New Year's Day in China. They will create new and exciting ways to cook the books on their public companies on Monday.
The Romans began a tradition of exchanging gifts on New Year's Eve, by giving one another branches from sacred trees, for good fortune. Berlusconi just sits around with hookers.
88 percent of all New Year's resolutions end in failure.
As far as the market and trading goes this year, it will be more of the same for me. We are all a work in progress as traders, so to say that there the wont be tweaks and nuances would be a lie.
1- All media is shut OFF during trading. What Mike Holland and Bob Doll think I should do is meaningless. Please realize that when they come out positive on a stock it's for a three year hold, if that's your thing then have at it.
2-The hardest thing to do, tell myself every morning that what I think couldn't be more meaningless. I may think the market will get crushed for a multitude of reasons, but if the tape is higher, I will just be long. Same goes for the short side.
3-I think my longest hold in 2011 was one month. I may extend that time frame on certain names. Almost perfect entries will be of utmost importance.
4-Based on that, more hedging will need to happen.
5- I will have more exposure to global markets both long and short, there will be a lot of action there.
6-No trend no trade. If it ain't happening I'll watch and wait. I don't have to be in it to win it all the time.
Have a great year. Stop by my site or kick the tires and become a subscriber. It should be a year filled with opportunities.