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Random Thoughts

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We share what we do with hopes that we add to your process...

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It's been an active morning on the Buzz N' Banter so, in the interest of catching up ye faithful with my current thoughts, allow me to start these Randoms with a lil recap:

  • Sales manship (10:09: S&P 1310, NDX 1720, XAU 144.40)



    While the action seems jazzy and snazzy, I'm making sales in the short-term bucket of my portfolio--including Intel--and paring my long side risk across the board.

    I've still got a spate of energy and metal exposure on the long-term side of my book--as well as special situations such as SunMicro and other 'smaller' names--but I pride myself on my honesty and I wanted to be forthright in my communication.

    In an effort to hedge my risk profile a bit, I've nibbled on some long-dated downside paper in Citigroup as it dances below resistance at $48 (with twisty overbought stochastics). I'll set a stop on the other side of that ride but I, for one, feel more comfortable with a more balanced book as I balance my eyes and ears.

    As always, I hope this finds you well.

  • After the Gold Rush! (10:24: S&P 1308.80, NDX 1715, XAU 143.30)



    Maybe I need to take a deep breath---OK, I definitely need to take a deep breath--but I continue to pare my holdings--including energy and metals to the "tag ends" of my cores.

    A mistake, as hot commodities abound? Perhaps, but they've been good to me and I always like to leave a party while everyone is having fun. And, to be clear, I have every intention of buying these holdings back. In time, and if I get the chance.

    I've still got a few longs--Pfizer, for one, as it's at a decent level. And SunMicro, as you know, as I secretly will the stock back towards $5. But with the addition of some puts in the piggies, I've now got gamma at very cheap vols. Which is nice.

    I'll be back. Hit 'em hard Minyans.

    R.P.


And now, back to our regularly scheduled Random Thoughts....

  • Ambien Alibi? I've got "inside information," at least in terms of the inside of my fridge. I've got an active mindset and, as such, I was prescribed Ambien a few years back to help me secure some shut-eye. Old School Minyans know that I've documented my curious nocturnal nutrition habits repeatedly through the years. Where? Well, here, here, here and here. I've never been a bandwagon type of guy but I wonder if my actions are classical?

  • All we are is just a-nother cat in the wall.

  • The Final Four will tip off on Saturday night and interested Minyans will be watching in kind. We hold our annual brackets in the 'Ville for purposes of critter bragging rights (and a snazzy gift) and, more importantly, to allow those who missed the right (but not the obligation) to donate (what they can) to the Ruby Peck Foundation for Children's Education. We've already received a handful of generous gifts and for that, my grandfather is beaming from above. If you're involved--and only if you can--please help us make a difference in the lives of our kids.

  • Television's JeffMacke will debut his Fast Money segment on tomorrow night's On the Money with Dylan Rattigan (7:00 PM EST). Break a leg, Pookie, and make us proud.

  • Seems Like Old Times? It's been an extremely active morning for yours truly as I "flipped my book" despite some "confusion" on the part of one of my brokers. How confused was he? I broke a phone for the first time since my days at Cramer Berk!

  • Work to live, never live to work.

  • In addition to the Citi puts we discussed, I've nibbled on some Debbie Downers in the brokerage space. Spitting in the wind? Perhaps, but my paper is long-dated enough to ride out some bumps in the minxy road.

  • SunMicro has started to fill that gap (created by Mother Morgan's upgrade yesterday) and I'm nibblin' ever so gently lest the fillage not fully unfold.

  • Homies don't play but keep HGX 263 (double support) on your radar.

  • Thataway! The Minx has stabilized after a pretty hairy morning. Breadth is flat, the metals continue to chug, energy is outperforming and the homies, select financials and semicaps are laggy.

  • Professor Laurie McGuirk (and THE LISA) just RSVP'd for Minyans in the Mountains August 10-13. My liver just ran into the other room.

  • Why did Google file the shelf? The same reason Veritas did, back in the day--to use the demand to unload a boat load of supply. And it feels like the "don't worry, I'll just sell it to the indexers" trade is being fronted by Google themselves!

  • There's been alotta chatter on independent research. Keep in mind, Minyans, that we're an educational community predicated on provoking thought rather than shaping it. We share what we do with hopes that we add to your process rather than distribute advice. It's a subtle--but incredibly important--distinction.

  • Consistent with the Apple discussion yesterday, my tight trailing stop was triggered this morning and I booked the trade.

  • Chatter Box: I'm hearing that my buddy Doug Kass is saying that "there is talk that Iran has started dumping its US Treasury Bond position earlier this week and are buying gold in size." Interesting thought, although I also wonder if quarter-end is contributing to this mark-up. I know, I know, that doesn't happen in a post-Spitzer world (cough) but as long as there is a Wall Street, there will be games that people play.

  • Minyan Mailbag from my buddy who offered us all a strong dose of perspective yesterday:

    Toddo- I hope this note finds the proverbial jiggle in your jeans. I have been pulled this way and that way by phone consultations, appointment changes etc. To answer your question, I hadn't seen yesterday's 1.00 buzz when I wrote. I was just responding to your very moving e-mail. I just read yesterday's buzz (told you it hadn't been a good night) and I'm flattered, humbled but most of all proud that perhaps my experience and catharsis will allow someone else in need to come forward and share themselves with our community.

    I also know I am not the first. Wasn't Scott Reamer having challenges with his son a few years ago? The example was set way before me. You started by sharing Joel, Ruby, your Dad's story, your difficulties and many other things most places would have found too personal to print. At the end of the day that's what Minyanville is and has always been thanks to you and the good folks who fill this community.

    That's enough emotion for this week. It's the enemy in trading as you have often reminded us. Sending hugs, Minyan Stephen."

R.P.

position in sunw, c, gs, pfe, energy, metals

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 todd@minyanville.com.

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.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

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