A Bucking Bronco
Please don't squeeze the Charmin!
Do you wanna hear the definition of frustration? Sean Mueller, a fellow Minyan and die hard Bronco fan, has entered the charity auction with a ten even bid. That's right sports fans, daddy's nemesis lobbed a $10,000 pledge to charity for the opportunity to spend a day in Minyanville. How am I supposed to ding the donkey fans when stand-up guys like Sean do nice things like this?
Back to life, back in reality, Franz Blix is painting the tape with some Iraqi chatter and the Minx has found some temporary footing. I've seen a few players in the futures market and, most recently, a couple of macros have come in as buyers. Will they be enough to turn 'em? I hope not--this isn't the type of "bottom" that would convince me that we've turned the corner. Could it happen? Sure...but it's not textbook.
Despite the fact that I've "rolled" much of my risk from the S's to the N's, I continue to key off of the S&P for the time being. NASDAQ 1320 becomes an obvious level of resistance(former support) and if we manage some liftage, it will be interesting to see how the Minx responds. In the meantime, I'm using the S-car-go as a reference point for our metaphorical imagery and toying with notion of giving the fur a bit more jiggle room (to S&P 830). One thing for sure, I do not want to let a good trade slip away. I WILL be disciplined...it's just a question of where.
I've gotta hop...there's lots going on today. As always, I hope this finds you well.
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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