Sniffy the Pup
Remember, the first half hour is always noisy!
The opening bell tolls and Hump Day in Minyanville has officially begun. My early trading eyes are fluttering between the French CAC (tickling October lows), the S&P (820 is a level), the banks and semis (standing their early ground), the retailers (not catching jig off of KSS), the breadth (3:2 negative in the NYSE, 4:3 on the Nazz) and the cyclicals (battleground).
My initial inclination was to fade (read: buy) the opening for a quick schnitz but I didn't pull the trigger. As discussed, the goal is to find the "easier" trade and I didn't sense a compelling disconnect. That, of course, doesn't mean we can't lift--it just means I chose not to risk my hard earned capital on that particular trade.
There are several ways to skin a Minx and rather than try and catch every nuance, I'm taking a deep breath and watching for now. If we rally, I plan on buying back some April puts in the financials, semis and industrials. So you know.--and just one traders (humble) opinion.
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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