Random Thoughts: The Great Escape!

By Todd Harrison  APR 03, 2013 11:10 AM

Musings on stocks, banks, gold, and risk.


Editor's Note: Todd posts his vibes in real time each day on our Buzz & Banter.

I'm in a bit of a ketchup mode this morning as young Ruby made a break for it last night!

The extremely strong-willed 22-month-old scaled her crib only to crash to the floor (she's fine), and when I arrived home from my business dinner, I found her in my bed with an ear-to-ear grin!

I tried to coax her back to her rightful sleeping spot, but sure enough, I caught her in mid-straddle a few minutes later. I won't lie — I secretly enjoyed her sleeping next to me with her hand wrapped tightly around my index finger — but there wasn’t much sleep in the equation. I hope she enjoyed her little adventure as the net goes up tonight!

In market news...

The price action out of today's gate that garnered a nose-scrunch was the financials, which opened pretty in pink.

We flagged Goldman Sachs (NYSE:GS) yesterday as a red bean in an otherwise green banking sea, but the tape shrugged it off (it was, after all, Turnaround Tuesday). Every day is a new day, or that's what I've been told, and as it stands, the BKX (INDEXDJX:BKX) is the worst performing sub-sector today, losing 1.3% on this young session. As go the piggies, so goes the poke...

I am currently sitting with September SPY (INDEXSP:.INX) puts (50% of a full position) and a manicured BlackBerry (NASDAQ:BBRY) upside bet (trading around a long bias above $12; I sold a bit into Monday's ramp higher).

I continue to look for advantageous risk-reward in single stock positions, but (always honest) we moved into new digs on Monday and we’ve been herding moths in a light bulb factory the last few days. That’s pretty much cleaned up, and I look forward to settling back into a rhythm.

Market breadth is currently 3:1 negative, the metals are mixed (after taking a thumping yesterday and yes, that has mattered in the past), the homebuilders are particularly heavy (they've had a nice run), and S&P 1580 is a stone's throw away to the upside (that's the level I'm leaning against, but you know this already).

I'm attempting to keep loose grips on the trading handlebars and the best way to achieve that is to right-size your risk (check), remain patient (check), and have something to look forward to (check—The Final Four in Atlanta this weekend — Go 'Cuse!).

Random Thoughts:


Twitter: @todd_harrison

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Position in BBRY and SPY.

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 todd@minyanville.com.

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