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Love Letters

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When love comes to town I'm gonna jump that train
When love comes to town I'm gonna catch that flame
Maybe I was wrong to ever let you down
But I did what I did before love came to town


(U2)

Outside of my office window, it appears as if the snow is actually falling up--which makes sense with all the vicious crosscurrents in play. It's not every day that we're on the brink of war and I suppose we shouldn't be shocked by the nuttiness in the market. Deep breaths, my friend, and lets take a walk.

There are a few things that continue to stand out. The bonds are getting hit and that's fueling speculation that there's an asset allocation in play. I haven't seen anything, mind you, but that's what's getting around the trading wires. Meanwhile, the S&P just filled the opening gap and, if (big if) we're gonna sell off, that was a necessary event.

Sector wise, software, retail, storage and pharma all act relatively dry. That said, the breadth stands out as an overt negative (so far) as losers are beating winners 8:5 in the NYSE and 3:2 in tech. As long as the internals are sluggish, I'm keeping my right hand up. As it stands, my stylistic approach continues to dictate trading from the short side and using rallies to nibble on some puts.

With that said, I continue to playing smaller than usual out of respect for the bipolar and binary ghost. Snoop Tone penned an awesome piece this morning and if you haven't read it, I highly recommend that you do. There's no shame in admitting it's hard and factoring it into your methodology--edges are few and far between in this environment and prudence, dear, is warranted.

Watch yesterday's highs--we just filled the gap and the intraday stochastics are a tad toppy. I continue to feel the onus is on the bulls to step up as the path of least resistance is (seemingly) lower. As always, just one Minyan's humble opinion. Finally, don't forget to RSVP to Fokker@Minyanville.com if you've got an interest in the March Madness NYC Minyanfest in NYC on the 23rd. Rumor has it that he's on a starvation diet ahead of his White Castle binge bet. Stay tuned!

I hope this finds you well.
position in s&p

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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