A Prince of a Tape
I could use a prince!
I was dreamin' when I wrote this
So sue me if I go too fast
But life is just a party
And parties weren't meant to last
The opening flurry is fierce and blurry as traders get busy, baby. A few quick vibes from the front:
I've gotten a ton of emails asking if we're in a 1999 redeux. The liquidity spigot is open, they offer, and there are clear agendas (electoral, central bank) to keep the balls in the air. I see what you see, Minyans, but I'm clearly not on the same page. Bubble me once, shame on you. Bubble me twice, shame on me.
There's more than one way to skin a Minx and those approaches are clashing with the Titans. Some are using any weakness to add to their longs (or cover shorts) while others are using the strength as an opportunity to add cheap downside paper. For my part, I'm doing a bit of the latter (as a function of the Burned Razor) and nibbled on some Intel (INTC:NASD) November puts for a shntiz. It may be early--it may be wrong--but it is what it is and I am who I am.
It's uber-early, my friends, so tread carefully. The morning breadth is skewed 3:2 positive, the financials opened quite heavy and money seems to be rotating into tech. The action is convoluted--as we expected--and we're seeing some long liquidation in the QQQ and SPY. The bulls will try and hold S&P 1050, so use that as the nearest term inflection point.
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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