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.

It's Miller Time

By

This whole thing reminds me of a shell game!

PrintPRINT

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.

R.P


position in spy

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 todd@minyanville.com.

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.

PrintPRINT
 
Featured Videos

WHAT'S POPULAR IN THE VILLE