Don't touch the Dairy diva!
You better lose yourself in the music, the moment
You own it, you better never let it go
You only get one shot, do not miss your chance to blow
This opportunity comes once in a lifetime
Well alrightee then. The Nasdaq comp is licking 2000, the Dow is within spittin' distance of 10,000 and the S&P is shoving 1075. You could almost smell the rubber hitting the road here as we edge through Hump Day. Will she dance as the bulls romance? They're trying--but stay uber-tight Minyans...this one is far from over.
Dipping your toe in the water during a feeding frenzy is always dangerous. The breadth is minty, the brokers and semis are trying to lead by example and there's a whole lotta huggin' going on. The shorts are getting stopped like Martin at his high school prom, the longs are getting sucked into the market (via performance anxiety) and Daisy is getting squeezed because, well, she's hot!
What do I think? I think we're at the top end of the band tag and it feels a little trappy. Granted, if they can muster any kind of jig through the above mentioned levels, you'll see a manic panic. I'm not playing it that way--I've actually faded these levels with uber-tight upside stops. Shocking, I know, but I was patient this morning on initiating exposure and my risk is minimal and defined. Advice? No shot--just an honest opinion.
Watch Citigroup (C:NYSE), KLA-Tencor (KLAC:NASD) and the internets as sentiment tells as we find our way. I know a lot of folks are sitting this one out (ahead of the looming catalysts) and, as such, liquidity is pretty thin. That raises the stakes (both ways) and argues for slightly smaller position sizes if you're an active Minyan. Hey, just my one and a half cent.
Gotta hop, Rabbit. 3-1-3.
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.
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.
Daily Recap Newsletter