You fade more than a pair of jeans!
"I know what you're thinking. Did he fire six shots or only five? Well, to tell you the truth, in all this excitement, I've kinda lost track myself. But being as this is a .44 Magnum, the most powerful handgun in the world, and would blow your head clean off, you've got to ask yourself one question: Do I feel lucky? Well, do ya punk?"
--Det. Harry Callahan
The morning gas has got some sass as Daisy and Hoofs shake their...heads. The action and traction is to their satisfaction but RED ALERT, Minyans, the financials trade like somebody beat them with an ugly stick. That incremental negative is squared off against overtly bullish breadth. Despite the initial fright, there remain two winners for every loser.
I faded the opening spike, Lee, and have tightened up those stops out of respect for the internals. My eyes are also scanning the semicaps (flat), Intel (INTC:NASD) (holding its gains), the internets (fierce fight) and the macro tells. With gold getting jiggy and the dollar melting anew (wow), one of two things is happening. Either the Minx is a resilient sucker or the downside writing is on the wall. Prolly both.
I would think that the Minx tries S&P 1050 again (as a function of the internals) and when (if) that happens, I wanna see if the piggies get any traction. If they can't, I'll fade 'em again as there seems to be some supply there. Please know that the jiggles and wiggles aside, I have been gingerly adding downside puts into the green (as a function of price). Watch Citigroup (C:NYSE)...it's prolly the most important stock of the day.
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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