The Pace Race
Discipline is SO sexy!
Just a heads up Minyans...
I've picked up the pace of my covers on my aggressive positions. 70 NASDAQ handles in two trading days is a bunch and, as discussed, I want to be in a position to fade (read: sell) a potential bounce. I'm keeping a slew of my longer term puts and have bought some of the underlying exposure against them (on a ratio).
If we break below the daily lows, I'll likely lighten up on some of that tertiary exposure (and keep the puts). On the upside, I wanna see how NDX 1390-1400 and S&P 1045 acts (if and when). Just keeping you in the loops as we find our way. (Yes, the breadth remains the most negative element of today's action and has yet to turn).
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 email@example.com.
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