By Todd Harrison Mar 18, 2003 11:57 am
Watch for chatter of an Iraqi surrender to scare the shorts!
- S&P 855 (former triple top breakout) should provide the first area or support.
- I've got the one and only John B. Collier V sittin' beside me! Cowboy's of the world unite!
- Words cannot express how excited I am to see Robert Hunter tonight. In honor of the show, all lyrics today will be Dead-ly.
- Baby steps may not get you to your destination as quickly, but there's a much better chance that you'll arrive safely.
- I've got the five day charts up in the NDX and S&P and i"ve drawn two trendlines. One starts yesterday around 11am and the other from the launch pad last Thursday.
- Somebody walked into the crowd on yesterday's closing bell and bought 95,000 QQQ April 25 puts. In isolation, that doesn't help Boo's case.
- What the heck is in a slippery nipple anyway?
- I'm hearing that MO credit spreads are widening--I'm not involved and I haven't confirmed but it's worth a sniff.
- Fokker is stepping up. Good to see.
- Prevalent psychology has shifted to buying dips vs. selling rallies. That'll create near term support (self-fulfilling) but exacerbate the downside if and when.
- Do I think expiration is adding to the volatility? Yes. Short gamma causes dealers to buy up and sell down.
- ORCL reports tonight while FDX, GIS, ABS, BSC and LEN report tomorrow pre-opening. The big brokers all tell their tale Thursday morning and that'll help shape psychology.
- France decides that they'll help us out if Saddam uses chemical weapons? Now I can sleep at night!
- Minyanfest will take place this Sunday at the Q-lounge from 12-4. The address is 220 W 19th St. (between 7th/8th). I'm looking forward to drinking some wings, watching some beer and chowing some hoops. Also, make sure you check out the Minyanville Raffle--it's pretty sick.
- The action in oil is mind boggling.
- Market breadth is still negative--watch this gauge for a discernable turn (either way).
- Gene Hackman was awesome in Young Frankenstein.
- When you're trading out of sync, it's sometimes helpful to pull back and trade smaller until you reestablish a feel.
- Last week was clearly "A" bottom--I don't believe it was "THE" bottom.
- Picking tops can be as dangerous as picking bottoms--that's why it's important to always define your risk profile.
- I'm gonna have John B. Collier V and Fokker arm wrestle for schnitz and giggles.
- The tape acts firm (thus far). Does the S&P have to tickle through 870 before reversing?
- Don't forget--Elmer Greenspan swings by Minyanville at 2:15!
- I'm clean shaven today for the first time in six months.
- It's been a long time since the "look through" trade was in vogue. In our assimilation of our metrics, this stresses the importance of psychology in the trading process.
- NDX stochastics are firmly in the red zone and the SOX looks like it's in the process of "hooking" (negative). Meanwhile, the OSX (oil service index) has given a stochastic buy signal.
- What would have happened if Edward Lewis picked up Kit DeLuca instead of Viv?
- Why are insecure people the most vocal?
- Will zero percent financing be the ultimate undoing of the autos?
- Tony brought up a good point recently. With mutual fund cash reserves at historically low levels, who's gonna be the next buyer? The Europeans?
- Patience typically brings price.
- I wish I played ice hockey as a kid.
- The sirens in NYC are nonstop and 24/7.
- Iraq didn't cause the bear market--and it won't end it.
position in spy, qqq
Get The Minyanville
Daily Recap Newsletter
Daily Recap Newsletter