Sniffin' it out.
Come to daddy...
We say that each session has an "easy" trade and the Snapper from the opening abyss was likely it. I saw a truckload of short covering during that move and I've asked Snapper to head back to Creole Township while we digest the action. Yes, I'm schizophrenic (and so am I) but as bigger picture bears (me, myself and I), we're likely to pull the trigger quickly on the long side and let the shorts unfold. In other words, from a stylistic point of view, I want to 'short to cover' rather than 'buy to sell.'
Lawrence Lindsey resigned this morning to join his pal Paul on the golf course and the chatter of a pending stimulus plan is getting loud. I've never claimed to be a political analyst-I'm doing the best I can as a trader-but my sense continues to be that a plan would be more of a band-aid than a crutch.
I've got to jump but I just wanted to pass along my most recent thoughts. I'm not so sure I believe this upside hype and I'm eyeing the other leg of my bear costume as we speak. All good things in all good time.
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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