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The Queen Sleep




Oh, little sleepy boy
Do you know what time it is?
Well the hour of your betime's
Long been past

(Paul Simon)

Well, the clock is s-l-o-w-l-y ticking towards the closing bell and the Minyans are actively debating the merits of the tape. On the one paw, the we're within spittin' distance of upside resistance and many unknowns remain. On the other Hoof, we're coiled--and scaling into defined risk may be the money trade. What's a Toddo to do?

I circled back to our morning ducks for some fresh perspective. Leadership? Nope. Breadth? Nada. Stability? More likely churning than basing. Field position? Coiled. Financials? Neither here nor there. Fear? Fleeting (VIX is down). Visibility? (Biting my tongue). Intermediate stochastics? Getting there. Macro indicators? Bullish (for now). Levels? More resistance than support. (Pause for a breath)

So, what's my take? The tape is admittedly fragile and it seems as if a stiff wind could knock it over. Still, my inclination is to let Hoofy have his sleepover and keep my one leg in the bullish imagery. My exposure is defined (via options) and, while I could very well have the chance to buy 'em cheaper, I think I'll have an opportunity to sell 'em higher.

If, by chance, we get near S&P 840 today, I may take the day schnitzel and go home flat. There's still a half hour of trading left and in this market--that's an eternity! If I undress, I'll surely ping you to let you know. If not, this may be the last post of the day as I've got a date with my bed, some Nyquil and a book., GREAT luck into the close!

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