Hittin' and Stickin'
See what happens when you drink your milk?
Thirty two teeth in a jawbone
Alabama cryin for none
Before I have to hit him
I hope he's got the sense to run
It's Fat Tuesday in Minyanville and, not surprisingly, Greg R.N is being put to the test. Our superb option coverage from Solly, Randell (not to be confused with Mortimer), will be joining us for a sushifest today and we've (once again) put the ball in Fokker's court. If you recall, last week he ordered exactly one piece of tuna and one piece of salmon--not exactly the stuff legends are made of. Let's see if the kid can climb up the curve.
The Minx opened with a flurry of cross-currents but, for the most part, the tape's in shrug mode. The semi's have early traction (ahead of INTC), software has a decent tone and telecom hangs tough (on the heels of ALA). All of this points to an N's over S's tape (NDX outperformance of S&P) and, thus far, that's what we're seeing. An uber-early check of the morning breadth confirms our "eyes" as the old school internals aren't acting as well as their four letter cousins.
There are lotsa stories floating around the trading wires and the latest blurb is that Saddam will send a top aide to negotiate his possible exile. I'm no political genius, mind you, but I have a hard time believing that he'll step aside and head to the golf course. It's low level chatter but I wanted to pass it along.
I continue to see the option flow skewed heavily to the buy side (particularly in the semis) and, again, I think that's potentially bearish. If everyone is betting on the upside and poised to sell on the catalyst (Intel's earnings), there's "bottleneck" potential on the exit ramp. Just my humble 1 1/2 cents.
I'll be back.
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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