By Todd Harrison Nov 24, 2003 11:47 am
If you were uncomfy when the tape was lower, remember that feeling now that we're higher.
- "Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists antagonism toward the gold standard." --Alan Greenspan (1966)
- What have I done today? Rolled up the stops on some of my (upside hedge) call options and scaled into further underneath puts. Out of respect for my main trading tells (namely breadth and leadership), I'm not getting too aggressive but I am attempting to use prices to my advantage.
- The Cowboys have the lead on home field advantage throughout the playoffs. That's...well, that's why they play the games.
- I'd imagine that there are a top of "buy stops" above S&P 1060 (if and when).
- I'm being told that the macro gorillas have been unwinding the "long Euro/short equity" trade and, in a thin tape, that's dominating the supply/demand equilibrium.
- Minyan Trivia: Where does Clark W. Griswold's cousin Eddie live? The first Minyan to send the city AND state to firstname.lastname@example.org will win their choice of a Minyanville tee. Quick, somebody tell Rusty!
- Europe continues to hum as the Minx whistles Dixie.
- If the Wiggles can sell 40 million dvds, the critters should be in good shape.
- Just as the fear of downside can spark a rally, the fear of missing (the upside) typically means a sell-off is close. As it stands, you can almost hear the collective sigh of relief on the Street.
- I still wanna sell rallies but I'm gonna be uber-tight with my discipline. As discussed many times, levels weaken with each test. We saw it on the downside and we've seen it up above at S&P 1060. That's the bull's task focus--to trigger a coverfest above.
- Carmello lit up Dallas in the first half but was MIA in the second half. Meanwhile, the Mav's (my second favorite NBA team) have a legitimate shot this year.
- Somebody just bought 3000 S&P December 1035 puts and the market sucked up the hedge (S&P for sale).
- Pro golfers have some life, eh?
- The homies are roasting the shorts again.
- The equity put/call is .52 and the index is 1.30. Both have ticked lower from the opening.
- The F-troop continues to trade heavy.
position in qqq, spx, fnm
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