They're gonna start calling me Slapper!
The mama pajama rolled out of bed
And she ran to the police station
When the papa found out he began to shout
And he started the investigation
The tick tocking continues into the early afternoon and I want to make one thing perfectly clear. If my figures regarding the Turkey/Homeland Security were wrong, it's Fokker's fault. As a matter of fact, please operate under the assumption that any misstated facts in this column are a function of Greg RN. Actually, while we're at it, any trading mistakes, imagery slip or loss incurred by the critters or my trading account is his fault too. Off with his head!
Speaking of falling heads, Petie, the Minx has placed Hoofy's noggin in the guillotine and is threatening to pull the lever! The banks and trannies are getting creamed, the breadth is stinky, the SOX stochastics are slowly edging towards a sell signal and, according to Dr. Rosenrosen, we continue to probe Friday's low in the S&P. To add injury to insult, Europe continues to slide down the slippery slope and that's not helping the situation.
Where do I stand? Right here, thank you, and dancing around with both legs in my metaphorical bear costume. As a function of the slippage, I'm now going to roll my stop down to S&P 840. Why am I trading this way rather than sticking and moving? Well, for one, I like the idea of locking in a profit while keeping my upside (to the downside) open. Also, my current view calls for lower prices and when you're trading, the goal is to find exposure AND a methodology that's an extension of your thought process.
I'd be lying if I told you that I didn't spend some time this weekend wondering if I traded myself out of a nice call. When we initially discussed the Shim Sham, we talked about a rally to S&P 870 (got it), a hard melt to around 810 (we got to 806) and then a stiff lift. Why, you ask, did I flip from the hoofs to the fur as we rallied? It was too orderly for my liking and, traditionally, a slow grind is not what trading bottoms are made of. Further, the more I look at a chart of the S&P, the more October lows scare me. Do we NEED to break them? No. Would breaking them lead to a better, more sustainable rally? I believe it would.
One step at a time, Minyans, and I'm doing my best to make each step a safe one. To be brutally honest, this stomach bug is kicking me arse and I'm trying to get through the day with profitable trades and timely posts. On an entirely more upbeat note, Paul Bartlo and Bobcat, his three-legged feline, have jumped to the front of the charity auction with a bid of $6000. On behalf of the critters, thank you ever so much!
I'll be back.
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.
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