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
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.
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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