The Dripping Ticks
It's now or never!
But you will come to a place
Where the only thing you feel
Are loaded guns in your face
And you'll have to deal with pressure!
Alright, when I start doing breathing exercises during the trading day, you know the stress has started to reach DEFCON levels. I've instructed Frokker to hide all cookies, close all windows, remove all sharp objects, cut his hair and stand silently in the corner. This is crunch time, baby, and the rubber is about to BE the road!
While I've been "trading around" my march paper with a short side bias, the "gun to head" position I'm focused on is my February puts that expire on tomorrow's opening. To add spice to the mix, the S&P is sitting directly on the support zone (836) that everyone and their cat is looking at. Hold and we may snap. Fail and we may cwap--it's that simple.
I'm clearly more comfy with my March paper as it gives me a month to work with (and trade around) but that's an entirely different conversation. I've attempted to make sales a few times on the Feb's but the trader (who's about to lose my business) continues to fade me. Man, I feel like I'm in a financial roach motel--cookie checks in but he can't check out!
We'll circle back to that situation in a while. In the meantime, this is your Minyanville reminder that, aside from tomorrow's expiration, we've got earning's tonight (BEAS, IM, JDEC) and the Consumer Price Index tomorrow morning (exp. .3%, ex-food .2%). Further, the Deutsche Bank's VW bus tour continues with a handful of semis smokin' the peace pipe.
In my infinite wisdom, I've scheduled a meeting near the close so if I don't get another post out, please don't throw forks at me. Besides, I've got a handful of risk that I need to manage so lemme jump and focus on the task at hand.
Good luck into the close, my friends and be the ball.
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