It's Miller Time
This whole thing reminds me of a shell game!
Bobby Sue, Whoa, whoa she slipped away
Billy Joe caught up to her the very next day
They got the money, hey, you know they got away
The headed down south and they're still running today
(Steve Miller Band)
Whoa! I just got lambasted by a female reader who implied that I was sexist for hinting at a poll for "best actor of our generation." Uh, earth to Matilda, but isn't the politically correct term for both genders "actor?" I say this because I had recently met a rather well known "actress" and when I referred to her as such, she quickly informed me of that I was behind the curve. "I'm an actor," she said, "There's no such thing as an actress." Jeez...I can't win!
I suppose the literal definition of a razor burn is when bearish friends of mine are playing for a bounce. When the bovine start gaming a rally, it usually isn't a good sign! I see the stochastics (getting close) and I know the VIX is starting to spike but, as it stands, I'm sticking with Boo. I've one paltry leg left in my metaphorical bear costume (25% conviction on the short side) and I continue to use an S&P 890 stop.
The NDX is sitting on 1000 and the BKX is flirting with 750, so if Santa's little helpers are gonna save the bulls, they'd better step it up soon. With expiration looming, I've been scanning the strikes for potential pins and outsized open interest and we'll talk more on that tomorrow. I haven't seen any real flow that would pique my interest on the long side (no size put buyers). Actually, it's been a bit too quiet-which leads me to believe the bulls are still complacent.
Aside from the G.D.P release tomorrow morning, Friday's session is all about expiration...and announcing the winner of The Ruby Foundation Auction. The current high bid is $5000 by Neil Glassman but something tells me that the savvy bidders are waiting until the close to sneak in a bell beater. I want to thank all of you for making our 1st annual art auction a huge success-a lot of children will benefit from this so, anyway you slice it, today was a win!
I'm going to hop to scan through my risk so let me sign of now and forever hold my peace. Have a most peaceful night.
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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