Hey Boo--you want to go SHOPPING? or maybe to a BANK?
Some quick thoughts from the front--I know you guys are schvitzing (you should see my shirt!).
First and foremost, that squeeze was caused by three dealers walking into the pits and catching the locals short. While that's what happened, let's look at why it may have happened. The transports reversed huge and were actually up for a second (blink and ya missed it). That, coupled with the action in the retailers, planted the seed and got things moving.
What have I done? On that mini-pullback, as discussed, I took some exposure off. Not all of it, mind you, but some--I always strive to respect the Minx and the action in the financials, the balancing of the breadth and the illiquidity in the marketplace dictated doing so. As I've still got some short side exposure on, mind you--as, and such, I'm gonna leave one leg in the beast for the time being.
Meanwhile, an "anonymous bidder" from Joisy has entered the charity auction with an $11,000 bid for the day in Minyanville. This generous soul asked that I respect his wishes and keep his name out of print and I'm happy to do so. Still, nachos gracias mi amigo!
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 email@example.com.
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