Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

The Rock Ridge Rattle

By

Ride 'em cowboy!

PrintPRINT



Then one day I hear "Reach for it mister!" I spun around, and there I was standing face to face with a six year old kid. Well, I just laid down my guns and walked away. Little bastard shot me in the ass!

--The Waco Kid, Blazing Saddles


The happy trails begin anew as the first spurt is to the upside. The pure eyes spy a spunky SOX (semicaps higher on constructive Taiwan Semiconductor (TSM:NYSE) comments), breadth that's 2:1 positive, lagging cyclicals (Cummins Inc. (CUM:NYSE)) and futures that seemingly want to go shopping in the gap (S&P 1038-1045). And to think...we've only just begun!

I'm being told that the short based has ticked up (in the last week), and that's likely contributing to the early jig. While it certainly seems that Hoofy brought it A-game, we all know that Elmerfests are typically divided into two distinct sessions. Further, Dubya has announced an 11:15 conference call and the topic is yet unknown. It could be in response to California fires (likely) or it may be something more remote (Rummy bolting?). Either way, put it on the trading radar.

I've done more watching than trading today but have added to my current positions as a function of price. I'm still in the Burned Razor camp and, as long as we stay below S&P 1050-1060, will remain there. As a hedge, I've got cheap (and cheaper) upside paper (read: calls) that will buffer the suffer if I'm dead wrong. Along those lines, toss IBM (IBM:NYSE) on the "stocks to watch" list as it tries to fill the earnings gap (90-93).

Jamming a bit this morning so lemme hop, rabbit. As always, I hope this finds you well.
< Previous
  • 1
Next >
position in ibm

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.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

PrintPRINT
 
Featured Videos

WHAT'S POPULAR IN THE VILLE