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10th Avenue Squeeze Out

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He's talking much tougher than usual!

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Tear drops on the city
Bad Scooter searching for his groove
Seem like the whole world walking pretty
And you can't find the room to move

(Bruce Springsteen)

Is it me or is Colin's tone more Powellful than usual? You kinda get the sense that Dubya's getting anxious and that's coming through in the body language of his top lieutenants. I'm not quite sure that's it's gamable but it's certainly worth filing away in the back of our crowded keppes. One thing for sure, it's putting the specter of war smack dab in front of us and that's causing some traders to tighten and lighten.

Meanwhile, the Beige Book was released and the tone wasn't exactly robust. Growth "remained subdued," "few districts reported improvement," "spending remained weak," there was "little change in capital spending or hiring plans," "manufacturing is lackluster" and "higher energy costs are having wide ranging effects." I'm no economist--I'm doing the best I can to be a trader--but that doesn't sound bullish to me.

The tape has leveled off and traders continue to scratch their head. I'm not gonna lie to you, I had a couple of deep breaths and face rubs during that spike higher--and I'm not even that big right now! I added some puts (not huge) into the rally and day traded some SPY small (from the short side). Other than that, I'm light, tight and staying alert for opportunities (either way).

There's not much going on after the close (as far as we know) but it IS preannouncement season so factor that into your mix at some level. If you're finding this environment difficult to manage, know that it's NOT you--it's really dicey out there. Don't trade just to trade--attempt to use price to your advantage and always allow for a margin of error.

Das about it, Minyans--don't forget to ping Fokker@Minyanville.com if you're interested in our March Madness Minyanfest in NYC on the 23rd. You know those White Castle sliders--the ones you can taste for a week after you eat them? We're gonna see how many Greg RN can eat in an hour--and I'm toying with offering a free Fleece to the closest guess. Wasabi!

I hope you're--awake--and faring well.
position in spy

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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