To be the bad man
To be the sad man
Behind Boo eyes
No one knows what it's like
To be hated
To be fated
To telling only lies (the WHO) Well, Boo, what have we learned here? Perhaps it's not to taunt your friends when the tape is looking lower? Maybe it's the "contrary" nature of monster put buyers (remember those QQQ puts?). How about the oldest lesson on Wall Street...stay humble...or the Minx will humble you herself! The S&P complex is pulling up the techs by the bootstraps and the chatter of pension fund allocation (out of bonds, into stocks) is now making the rounds on the trading desks. Hey, I wouldn't rule it out with rates as low as they are, but I will say that the allocation thesis has been floating around for weeks, if not months. Tick tocking towards the closing bell and, for those of you who actively trade, its decision making time. Boo will tell you that the most vicious rallies occur in a bear market, we're smack dab in the middle of preannouncement season and the breadth in the NDX is not confirming. Hoofy, who's starting to show a little spring in his step, would argue that nobody believes the rally, the shorts have only begun to cover and we're about to scale the wall of worry. Oy! On a personal note, I'd like to thank you for bearing with me as I regain my writing mojo and practice the "hat juggling." I believe in the vision of Minyanville and will do my best to provide value and insight. Hope you all had a profitable day and, more importantly, have a peaceful night. R.P Long QQQ calls
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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