- From hereto forth, Professor Bennet Sedacca's official Delta Tau Chi pledge name is Blue Steel. I cannot share the sordid details of this distinction as, well, what happens at Succofest stays at Succofest!
- Yesterday's gate-to-gate snazzy breadth--coupled with leadership by the chips and piggies--spurred the herd to double secret resistance. If Hoofy can poke through S&P 1295-1300 and NDX 1700ish (the dandruff on the right shoulder blade), the bovine will look to toga. If they do, I'll ask them to bring fizzies and cucumbers. There's no point in having a toga party without fizzies and cucumbers.
- Hey, if you Google "Analyst Day," I'll betcha find some volatility. Googlanalyis is running wild as the Street tries to make sense of the CFO's comments a few days ago. Was it "news" or was it "old?" Prolly both, depending on your perspective, but it doesn't change the overall dynamic. Sometimes great companies don't necessarily make great stocks.
- Do you feel guilty when you hear a song by George Michael and actually enjoy it?
- Adapting to the market is one of our ten trading commandments. Suffice to say that my style used to be much more active, generating as much as nine figure commission bills in a single year (crazy, eh?). I've shifted my style as a function of my seat (I'm no longer running a large trading desk) and the tape (the volatility matrix has shifted). Whereas I used to stick and move and duck and weave, I've matriculated to a two tier methodology: longer-term holdings and active risk. And as I understand that the ability not to trade is as important as trading ability, I won't force exposure for the sake of exposure.
- Ring around the Collar? We saw gorilla buy 30,000 SPY March 126 puts and selling 30,000 March 131 calls against 'em yesterday. This creates about 1,500,000 SPY for sale. What's it all mean? Glad you asked as we've got answers!
- Minyanville is a proud sponsor of the Jacob's Cure Family Bowl this Sunday at Chelsea Piers. Attending Minyans are welcome to swing by our lane for hugs or handshakes. Meehan will be wearing his bowling garb, Spider will roll with his rubber hand (he's a Munson), Queen V will be lighting up the lanes, Chach will be hangin' by the jukebox (yo!) and Pepe will be sporting a turtleneck that would make Clay Aiken proud. Noice!
- Does the "dollar devaluation vs. asset class deflation" discussion belong in the active trader's mindset? Nope. Big picture thoughts tend to cloud short-term opportunities while noise and nuances (in the price action) tend to muddy the broader scope. That's why it's so very important to have your risk profile mimic your time horizon. That disconnect, when it exists, is where you'll find all that money you've left on the table over the course of your career.
- We eyed a few unfortunate flamingos yesterday that had somehow managed to fly under the mainstream media radar (which is surprising, considering they were dead). Later in the day, we heard that the U.S government bought an additional 12,400,000 Tamiflu shots, prompting the vision of Rose walking across first class deck asking, "Excuse me sir, but what about the other 278,334,134 passengers?"
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.
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