The Juggling Clown
This is crazy!
It's n-v-t-s nuts here in the city of critters so please bear with me as I juggle hats, flicks, ticks and schvitz. The Osama "pinned down" story, as reported by ABC, has officially made this day one of the more difficult in our careers. We've got the Intel smell, Beeks reeks, saber rattling, OBL chatter, technical inflection points and psychological variance into the weekend. I've got one question for you--Are we having fun yet?
As discussed, I covered my shorts this morning and--you have my word--it was before I got a sniff of the Osama chatter. It simply was a function of booking a baby step and taking a deep breath. Alright--enough about what was, let's look at what will be. The banks have turned hard (watch those brokers) and that's clearly constructive. The breadth has also improved to 3:2 negative (not confirming yet) and I'm watching that like a hawk.
What am I doing? I tried a SPY fade (read: buy) into the slippage but as we filled the opening gap and the intra-day stochastics got toppy, I took the trade and tried a very small fade (read: short) with an upside stop. Again, I'm not championing anything (these are small schnitzels)--I'm simply trying to use real time examples such that you familiarize yourself with my style of trading. If sharing my process helps Minyans understand the mechanics, then I've surely done my job.
I've got to hop--I "think" they're gonna try the downside here (watching). Also, please note that as we edge towards the close, there's the potential for some pre-weekend jitters. But let's worry about the minutes--the hours will take care of themselves.
Hope this finds you well.
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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