One Day Wonders
Come on Snapper--I can't do this without you!
Did I ask too much? More than a lot?
You gave me nothing now it's all I got
We're one, but we're not the same
Well we hurt each other then we do it again
So here I am, quietly minding my business and scanning my universe for actionable trades, when Daisy (wearing a provocative outfit) slinks up to my desk and asks "How's it hangin', fella?" First of all, Fokker, you need to roll up your tongue and stick it back in your mouth--this doesn't concern you. Daisy and I have our own little situation--I help her with her bullshvitz and she helps me maintain perspective. This is what we discussed.
The biggest issue in my world right now is one of timing. Should I have kept my leg in the bear costume and added further appendages as a function of price? That's a question of style more than anything else and, for each of you, that answer will vary. As we discussed in the opening post, my big picture concerns continue to weigh heavily on my mind. However, my chosen methodology dictates that I tactically deploy my capital and that's how I'm trading 'em. Punch count...not knockout.
The banks are screaming for attention here and that's likely the biggest risk to today's tape. BankAmerica, Citigroup and Goldman Sachs are stocks that I'm watching closely as I try to wrap my arms around this action. So you're aware, my "nakedness" doesn't mean I'm not trading, it simply means my level of conviction doesn't warrant building positions. I'm flipping blips and clipping dips but my trigger finger is quicker than my keyboard strokes. Get it?
The dollar has slipped back to a neutral reading, the breadth has balanced, and the S&P is probing 806. This is an important level in technical circles so keep a close eye on it. If you're bullish, you can use this as a stop. If you're bearish, you can use this as an actionable inflection point. It's up to you, really--I just wanted to make sure you're aware that it's there.
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.
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.
Daily Recap Newsletter