The Leaning Tower of Pizza
On your nose, kid!
In another time's forgotten space
your eyes looked through your mother's face
Wildflower seed on the sand and stone
may the four winds blow you safely home
Is it real...or is it Memorex? That's the question on trading lips right now and you can see it in the price action. With so many head-fakes littering the recent landscape, you can't blame the bulls for their intimacy issues. Fool them once, shame on you. Fool them twice, shame on them. Fool them as many times as they've been fooled? Hari Kari, Mary!
As you know, I (humbly) slipped my feeble appendage out of the bull costume (into triple resistance). My inclination continues to be to fade (read: sell) this rally--I just don't know if it's too "conventional." Do I think THAT was the low? Not on a bet. I'm just trying to ascertain if there's further jig before the rest of the Shim.
My eyes keep migrating towards Citigroup (as a tell) and Sandy & Co. can't seem to find their footing. I've been trading it back and forth (on the short side) and while I'm not involved now, I continue to use it as a chief tell. It "broke" at 34 (which, by the way, coincides with BKX 725) and, until it proves the bears wrong, that should act as a ceiling.
A check of the midday breadth is...ok (not fabu) and, while I want to see some squeezage (to put 'em out higher), I'm not sure we get it. I nibbled on some S&P puts as a function of the relative weakness in the financials and will stop it out if we lift. Puts you say? Bear costume I say--and I'm gonna be tight.
One leg into the fur, Mon Frere (25% conviction on the short side). Engine room, more steam!
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