Easy Does It!
By Todd Harrison Mar 16, 2004 3:51 pm
May peace be with you!
Take it easy, take it easy
Don't let the sound of your own wheels drive you crazy
Lighten up while you still can, don't even try to understand
Just find a place.to make your stand and take it easy
Ziggin' and zaggin' (and a subsequent sagging) followed the text of Elmer's tongue waggin'. While the meat of the text was largely unchanged, there was some added jive (jobs) and newfound vernacular (patience). Now, as the bitter critters battle for respective toeholds, traders are left to digest and debate. It's a little silly, I know, that these events have become lessons in granularity but it is and it's up to us to adapt.
I mentioned on the Buzz that I nibbled ever so gently on some QQQ March 35 calls as they're (very) defined risk. I did that as a function of 1) I have some front month put paper on and it's an inexpensive upside punt/hedge, 2) my intermediate term stochastics are Snapper friendly and 3) expiration undercurrents have the potential to exacerbate volatility (both ways) and they were cheap enough to sleep. This approach is particular to my risk profile (and not advice) but I thought there might be some benefit in sharing the process.
Lennar (LEN:NYSE), Scholastic (SCHL:NYSE) and KB Homes (KBH:NYSE) are reporting this evening while the mighty Bear (BSC:NYSE), Fedex (FDX:NYSE) and Biomet (BMET:NASD) are tomorrow morning's business. We'll also get a dose of Beeks (CPI, mortgage apps) for those who care although, more likely than not, the Hump Day action will be dictated by agendas set by this evening's Elmer digestion.
I wholeheartedly share Professor Succo's concerns and while they're not today's business, per se, I encourage each Minyan hear what he is saying. Our goal is to provoke thought and add value and while you may not agree with everything you read, it's always better to see both sides before you slap on a trade (or investment, as the case may be). Food for thinkin'.... and I'm fairly certain that Boo is chewing on the same.
I'm absolutely slammed but I wanted to get a missive out before thy closing bell tolled. These are nutty times, my friends, and we'll likely tell our grandkids about the rolling bubbles of the 21st century. In the meantime, we gotta grab as many acorns as we can and stick 'em in our cheeks. Happy hunting, Minyans, and may the Schwartz be with you!
Have a peaceful night.
position in qqq
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