By Todd Harrison Feb 18, 2003 12:17 pm
Hey Minyans--what's the path of maximum frustration?
- The intraday stochastics have begun to work off the daily overbought reading while the futes hold their bid and the internals hang tough.
- Hey Tony--trust me, being in Florida isn't all it's cracked up to be. YOU try running eight screens of information on two paltry screens!
- In a study investigating pain tolerance, it was found that the same pain was perceived as being almost twice as bad during certain times of the day, most notably in the morning. Just after lunchtime, the pain seemed to be far more bearable. As far as I know, this WASN'T a study of S&P traders in the crowd!
- Remember to watch Citigroup if/when it gets to 34 (resistance).
- As a point of reference, my cost on the 200 S&P puts is 7 1/2ish.
- I continue to see size short covering in the street.
- 50 percent or more of individuals in Western society are overweight.
- There's a story going around the pits that there's a massive buy program in the market. I have no insight as to the validity but I know traders are talking it up.
- When a dolphin is sick or injured, its cries of distress summon immediate aid from other dolphins, who try to support it to the surface so that it can breathe.
- It feels like there's one more push higher--watch for the relative strength of the financials if/when that happens.
- YES, I'm aware that eyeing one more downside trade could throw a wrench in the whole Shim Sham thesis. Still, I'll always be forthright with the readership and communicate my honest read--for better or for worse.
- As it stands, my flight still hasn't been cleared for takeoff. What a mess!
- Expiration looms Friday and the impact is typically felt in the days preceding the actual expiry. When dealers (initially) sell customers their puts, they short the underlying stock as a hedge. As the market rallies, those same dealers have to cover stock to hedge their delta. Is that contributing to the firmness? I believe so--but remember, it works on the downside too. If (big if) we turn lower, it'll pick up steam.
- 19.8 inches of snow in Central Park. Is that a Jewish 19.8 inches?
- Sometimes you're gonna be the windshield and sometimes you're gonna be the bug. Right Ed?
- If the best fades are the toughest fade, this is setting up as a pretty good fade! Time, however, is not on our side (February paper).
- Who eats dinner at 4:30 pm? Seriously!
position in s&p
Get The Minyanville
Daily Recap Newsletter
Daily Recap Newsletter