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Random Thoughts


Setting stops and defining risk removes emotion.

  • "The percent of stocks above their 50-day moving average for the S&P 500 and Nasdaq-100 are now both back to positive but below levels in October... another negative divergence. The NDX is above 80%, the SPX at 78%, both levels of very high risk." Pepe Depew on today's Buzz.

  • To Fil's earlier point, my sense is that alotta traders feel "too smart to buy 'em, too scared to short 'em." The thing that scares Boo is that, the higher they go, the more pervasive the performance anxiety will be into year-end.

  • Setting stops and defining risk removes emotion. On that front, S&P 1390 has become a tight and defined bovine backstop.

  • Hoofy will argue that the low levels of volatility are simply a function of the high levels of liquidity (they're inversely related). That's the other side of the overt complacency argument.

  • The weekly Investor's Intelligence survey shows an increase in bullish sentiment to 54.6% from 52.1% prior and a drop in bearish sentiment to 22.3% from 26.0% in the prior week.

  • Has any actor ever stuck a landing better than Anthony Hopkins stuck Hannibal Lecter?

  • Chatter on the Street is that traders are schvitzin' about the negative gamma (into expiration Friday). In particular, there are a bevy of short upside calls above S&P 1400.

  • What ever happened to Justine Bateman?

  • Bikinis tall, heels small? After eight airports in as many days, I'm short the former and long the latter in size. Be that as it may, I'm told that we're going back to Cali , to Cali , to Cali for another west coast 24-hour turnaround. Trust me, it's not what I wanna do but it's what I gotta do. And it's looking like tomorrow's business.

  • Turning our attention to the Hump, stocks are drifting towards S&P 1400 like moths in a light bulb factory. Breadth is workin' 9:5, the semis hang tough (please note that they are NOW testing the spring breakdown level) and retail once again acts dry.

  • The potential fly? The money center banks, which have been pretty in pink since the word go.

  • Answers I Really Wanna Know…


Position in metals

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

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