Hit those weights, shooter!
It's astounding, time is fleeting
Madness takes it's toll
But listen closely, not for very much longer
I've got to keep control
(Rocky Horror Picture Show)
Has anybody else ever felt like one of those squeegee stress balls? Oofa loofa, baby--the rubber always meets the road during expiration and, if you're not careful, you're liable to get caught in between! I'm still jammin' (shocker there) but I wanted to get one more post out to my fellow Minyans.
Despite my efforts (a couple of times) to make sales on my February puts, I lugged them overnight and will say arrivederci on the opening. While I'm clearly not thrilled with being faded, I had every opportunity to sell them down 1/4 (from my price) and abstained. It's a big boy business and (after these cookies) I'm a big boy--we traded "around" the position, played our hand and we'll let the chips fall where they may.
Regarding the tape, S&P 836 (and NDX 1000) held a handful of times and while some "buoyancy" may be expiration related, there's no way to know for sure. The whisper thin volume makes the action hard to decipher (more so than usual) and I, for one, will be happy to see this expiry pass. See ya!
In any event, I'm gonna try to visit that thing they call "gym" and work off some angst in a healthy manner. It's all too easy to flock to the gaggle of Grey Geese after a day like this but I'm gonna resist the temptation, fire up some good tunes, and play Sisyphus on a Stairmaster. If you've got some time to gain some perspective, visit my buddy Joel and say hello--he's one of the best people I've ever known.
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 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.
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