Leg of Lamb
Toddo, he doesn't know who he's foolin' with, does he?
She's got legs
She knows how to use them.
She never begs
She knows how to choose them.
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.
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 email@example.com.
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