The Rolling Tide
My initial reaction, and this shouldn't come as a shock, is "What does Elmer see?" Perhaps that's just my "big picture" backdrop clouding my short-term trading view but, as my mother used to say, if it's on the lung it's on the tongue-or, in this case, the screen. Does this mean we're going to war? Does this mean there are unforeseen credit potholes? Does this mean that the Fed is there for us (again)? Don't try to figure out the rest of the year in the next 15 minutes...that's too much for anybody to digest. Further, if you find yourself getting bullish on upticks and bearish on downticks, take a step back and take a breath.
The flow has been frenetic but seems to be slowing somewhat and our coverage is telling us their seeing the gorillas (institutions) making sales, albeit gingerly. The critters, so you know, faded the initial spike and picked a little into the melt, but it was relatively small potatoes. I continue to scour the markets for December downside puts and will look to build those positions into strength. Gotta hop.
Hope this finds you well.
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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