Hey Fokker -- don't worry, if the waitress blows you off, I'll stop you out. NOT!
I'm runnin' down the road tryin' to loosen my load
I've got seven critters on my mind
Four that wanna own me, two that wanna stone me
One says she's a friend of mine
Ask yourself an honest question -- were you holding on a little tight during that opening? There's a tendency in this environment to view every play as 4th and 10 from your own goal line...during a rainstorm...down by a field goal...in the Superbowl. I'm not saying I'm immune to the anxiety, my friends, but identifying that emotion is the first step in eliminating it. Deep breath, please, we've got a long day ahead.
The initial (noisy) action isn't offering a compelling read yet. The semicaps opened heavy, the financials are a tug-o-war, the dollar is weaker, vols are down (shocker) and crude is better bid. The morning breadth on the big board is trying to exert some leadership and as of this post, it's 3:2 positive (even in the Nazz). In flow's diner, I haven't seen much outside of the requisite hedge fund hot potato and a handful of S&P put sales. It's -- dare I say -- quiet?
What am I doing? Less, so far, and I'm completely all right with that. I'm too scared to aggressively short 'em, and too smart to aggressively buy 'em. I'm simply looking to find some trades, identify advantageous risk/reward and get back to a grinding style of operation. As you know, I've got a handful of "cheapie" puts out to April/May but it's small potatoes by my standards. I got squeezed last week, recaptured much of the flag yesterday and rather than swing for the fences, I've choked up on the bat and I'm looking to play a lil' fungo.
The economic data was released (non-event) and the tape is waffling a bit. Pass the syrup, mon -- and keep an eye on those downside support zones. And stop putting so much pressure on yourself -- it's not helping.
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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