Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Festivus!

By

Hey Hoofs--pass the Kleenex!

PrintPRINT

Terrible Tuesday has officially kicked off and the early action has been dominated by sellers--shocker there! What am I doing? Well, I made some disciplined sales on some of my index puts and rotated other short side (defined) risk from S&P type names to some of the "more extended" Nasdaq names.

As you might expect, the morning breadth is atrocious. Losers are swarming winners 3:1 in the Nazz and 2:1 in the old school. Energy, metals and, to a degree, defense stand out as green islands in a sea of red but other than that, it's Southside Johnny.

There will clearly be a point when we want to flip our lids and trade from the long side again but I don't think we're there yet. As such, I'll continue to dance with a leg in my bear costume and will operate with a soft S&P 825 stop. Europe continues to slide, our major tells are pointing south and consumer confidence has fallen off a cliff (64 vs. expectations of 77). Take a deep breath before committing risk (either way)--these are the types of days that can really bite you if you're undisciplined.

On a brighter note, James Goodman of New York has taken the lead in the charity auction with an impressive bid of $9000. Holy Guacamole! Hey Fokker, check a borrow on Toddo! I'm only joking, James, that's awesome! Good luck on your bid!

I'll be back.

< Previous
  • 1
Next >
No positions in stocks mentioned.

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 todd@minyanville.com.

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.

PrintPRINT
 
Featured Videos

WHAT'S POPULAR IN THE VILLE