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The Spinning Top




I've had enough bad love
I need something I can be proud of
I've had enough bad love
No more bad love

(Eric Clapton)

Alright Minyans--it's crunch time. The stories of Saddam's demise are hitting the wires, the dollar is getting hammered, bonds are down over a full point, crude is getting smoked and I'm seeing shorts capitulate all over the street. As a matter of fact, remember that monster put buyer of 95,000 QQQ April 25 puts? They just got puked into this latest lift.

What am I doing? Taking a (very) deep breadth and methodically scaling into my defined risk downside paper. I remain of the belief that this is blow off type action and I'm furiously scanning and gingerly nibbling (on puts). I've also been eyeing that bear costume and I'm seriously considering slipping my last arm in. What I remain unsure of is the timing aspect and if it's gotta carry over into next week. As such, I'm gonna stand pat for now.

Either way, that's what I'm thinking for better or for worse Please make your own decisions and, while it's hard, attempt to remove emotion from the mix. It remains the enemy while trading.

I hope you're hangin' tough. I'll be back.

position in qqq

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

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.

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