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.

Wall of Shame


Some people say I'm obnoxious and lazy
I'm uneducated-my opinion means nothin'
But I know I'm a real good dancer
Don't need to look over my shoulder to see what I'm after

(John Cougar Mellencamp)

The gigglefest continues as the macro funds, smelling blood, scamper around the street lifting offers. They know, as we do, that emotion is a powerful animal and they'll do everything they can to squeeze the panicky shorts. I've never been one to play the greater fool theory and, while I'm actively trading around a core thesis, I'm viewing this price action as an opportunity. Maybe that's a flawed approach but, if history is any guide, I'm probably just early to the trade.

One thing to keep in mind is that the news is always worst at a trading bottom and best at a trading top. New readers may view this argument as a rationalization but I've always been one to get bearish higher and bullish lower-not the other way around. For the old school players among you, I'd be 75% Boo with the final appendage within reach. What that means, in a nutshell, is that my conviction level on the short side is 75% and I'm saving the last 25% for further disconnect. I've only been fully suited a handful of times in my career, but I'm getting close. Hopefully, this sheds light unto my thought process.

According to plan, the pervasive chatter of upticks is making its way through the trading wire and I'm spending my time adding to my defined risk downside puts. I generally prefer to buy the "out month" (December) but, given the string of news this week, I'm playing November as well. With the street this panicky and last year's sustained rally in everyone's mind, timing the turn can be a painful proposition. In this instance, however, I would rather be early than late.

Not always right-but always honest. Gotta hop.

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

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.

Featured Videos