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Leg of Lamb

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Toddo, he doesn't know who he's foolin' with, does he?

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She's got legs
She knows how to use them.
She never begs
She knows how to choose them.


(ZZ Top)

Man, talk about setting yourself up for the ultimate mush! I couldn't help but slip that leg into my metaphorical bear costume on that light volume (local led) lift. Was my dressage a feeble attempt to make up for lost ground? I don't think so-- this imagery is consistent with my current view and that, my friends, is all you can ever ask for.

With regard to my real-time S&P schnitzel, I was attempting to "leg" out of my position but got faded by my broker. In other words, I nibbled on some March puts earlier and, as the tape came for sale, attempted to make some sales on the February options (and salvage some capital). Alas, I never got my price and I wasn't going to chase 'em down (not my style). I've got one more day to play with the Feb's (S&P expiration is Friday morning) and some out-dated stuff that isn't so "gun to head."

The bulls will argue that today was a healthy consolidation and I can't argue the point (yet). While the breadth was fugly, the major averages never breached yesterday's lows and a lot of technicians are focused on that. A couple of macro hedge funds showed up near the bell and bought multiple seven's in the QQQ (and size calls in the S&P). In a thin tape, that flow matters and it, as much as anything, helped to close the market "constructively."

It will be interesting to see if Europe can hold overnight as the bourses acted extremely heavy today. The chatter on the street is that overseas insurance and pension funds are selling but, obviously, there's no way to know for sure. Either way, it's something to keep on the radar as we continue to walk our journey and figure it all out.

That's about it, my friends, another session is in the books and we can once again turn our attention to the important stuff. I wanna personally thank Dorfy Dorushkin for trying to rat me out on the birthday cake sneak--you've given me years of material for when I want to tool on a fellow Minyan. The power of the pen, baby, is mightier than the sword!

Have a peaceful night.

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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 todd@minyanville.com.

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.

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