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Dew Drops!

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Discipline over conviction, Toddo--practice what you preach!

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God help the child who rings that bell
It may have one good ring left, you can't tell
One watch by night, one watch by day
If you get confused just listen to the music play


(Grateful Dead)

Holy Daisy! A double shot of the Dead? Hey...it's my column and I can do that! Besides, if I'm gonna roll my stops down, I might as well roll away the dew! I currently have two legs in my metaphorical bear costume (50% conviction on the short side). The action is troublesome and the selling could accelerate-remember, tomorrow is expiration and that typically exacerbates the volatility. Still, and in the interest of using a real-time trading example, I'm going to roll down my stop on one leg to S&P 890 (cash).

The banks hang in there and, truth be told, that's the last bastion of hope for the bulls. Yes, NDX 1000 is holding (so far) and Oracle hangs in there-but the macro elements, the European weakness and the potential for pervasive dandruff (watch SOX 283, S&P 875 and NDX 975 for confirmation) is troubling. Hey, when in doubt, sit it out. I've said it before and I'll say it again-your ability not to trade is as important as your trading ability. Pick your spots!

I've made an executive decision and decided to take my critters with me to the south pacific. Daisy has been parading around the office in her three-piece bikini and every trader on my desk has developed a milk addiction. What a coincidence! Hey Bucky, do me a favor and put your tongue back in your mouth! She's a cartoon!!!

On the auction front, Kurt Butenhoff and Andy Srebnik have barreled into the fray with a $4250 bid for the one-of-a-kind signed critter poster (see below). It's ALL GOOD, friends, and there are a lotta kids who are gonna be really psyched as a function of the readership's generosity! There are some great Minyans out there and, as this community is predicated on positive energy, we're truckin' into the holidays with a lotta good vibes!. If you wanna join the fray, email auction@minyanville.com.

Oops, there it is...S&P 890 and one leg out of my metaphorical bear costume. This leaves 25% for the hop-a-long kid.

Fare ye well.

R.P


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