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.
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