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Lost and Found

By

Giddy up!

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MISSING

Trader, 33, 6' 1", 200 lb., brown hair, brown eyes. Last seen in midtown Manhattan with a young Fokker and a bag of peanut M&M's. Traditionally very bearish, hates running with the crowd and prides himself on his discipline. If seen, please contact your closest critter.



The morning session continues to trudge ahead and my email is beginning to fill up. "What have you done with Toddo?!?" "You're out of your head--even for you!" "Please tell Fokker to stop stalking me...I'm not interested!" Relax, Minyans--I'm right here and yes, I gave Hoofy a nod with the understanding that he's super tight. Is our bodacious bovine smoking oregano? Perhaps--but I've said it before and I'll say it again, you can try anything as long as you're disciplined.

Why, you ask, would I zag with the trannies at a seven year low and the banks down 1%? Well, for one, the S&P 806 level is such a focus in trading circles, I saw major pressing once it was violated. When I see shorts piling on anything, it raises my trading antennas. How sure am I in this bull suit? I've got about 25% conviction (one leg) and will use today's previous lows as a stop out. I'm simply trying to wiggle my way through the muck and humbly hand on for the ride.

With that said, the banks really need to start pepping up if Daisy's gonna get wined and dined tonight. The FNM/FRE/SLM complex is trying to lead by example and they've managed to eek our marginal gains thus far. The big boys, however, are struggling for respect as Goldman, Citi and BAC waffle without syrup. You know my big picture thoughts regarding the financials and just because I'm trying a long side schnitzel, I can't (and won't) pretend that all is well in that world. That would be silly.

In four-letter land, the semis are flirting with the upside and that's helping the aggregate psychology. Also, Microsoft hangs tough despite some overseas headaches and that's worth a mention. I'm not rationalizing my position, mind you, I'm simply looking for clues in the ever-changing puzzle as we find our way. Deep breaths, Minyans, there's a lot of trading left in the day.

I'll be back.
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