The Chart Part
File this under the "just so you see what I see" department:
I've got 12-day charts up of the S&P and NDX and they've both (thus far) held the trendline from October 1st. I nibbled at some puts near the opening and just bought some QQQ as an intraday hedge (with very tight stops). Why QQQ vs. SPY? The SOX vs. BKX dichotomy, for one, and S&P 1050 for deux.
Again, this is NOT advice--I am sharing my process with the hopes that it sheds light and adds educational value. If the trendline breaks (and it's very defined risk), I'll remove the "upside hedge." If not, I'm just trading baby.
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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