Discipline is SUCH a turn on!
I told ya I'd try to sneak one out before the close and, in honor of Barry Rabkin and the rest of Sneaksville, I'm going to do just that! A couple of quick thoughts as time ticks down.
The BKX (700) and S&P (820) are both edging towards short term support. While I continue to feel that the October lows "need" to be taken out (before THE rally), it's likely gonna be a bump and grind. I would like to once again stress the importance of identifying a time frame on your exposure. If you trade for the hour, day, week, month and year all at the same time, you'll likely frustrate yourself.
I'm making some sales of my puts into the close as a function of discipline. I'm continue to have a bearish tint to my view but, again, the mechanics of the swing are more important than the results of the at bat. For purposes of imagery, I'm leaving my leg in the bear costume (25% conviction on the short side).
I've gotta jump such that you get this before the close. Fare ye well and have a peaceful night.
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 email@example.com.
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