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Random Thoughts

By

Patience brings price AND opportunity

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  • There's a huge battle developing in the financials and, thus far, they've absorbed a fair amount of sell pressure.

  • Al Pacino was awesome in "The Devil's Advocate." Charlize Theron wasn't half bad either.

  • The NYSE breadth held steady in the face of the first two tests this morning. That's a constructive sign.

  • A snail can sleep for three years.

  • As a rule of thumb, I generally like to keep my option exposure "one month out." As a result, I'll begin to price out "rolls to June" in the next week.

  • Whenever I write, I (subconsciously) cross my ankles (left over right). Wanna hear something weird? My mom gave me an old army photo of my grandfather using a typewriter and, yup, his ankles were crossed -- left over right.

  • The SOX stochastics are actually edging towards a buy signal. They're not there yet, but it's something that I'm monitoring.

  • If (big if) the dreaded Double D thesis comes to fruition, I fear that there will be no place to hide -- not even cash (if the dollar poops). I know this is depressing stuff (no pun intended) but it's better to ask hard questions now than get blindsided in the years ahead. Again, this isn't today's business -- I'm just putting it out there.

  • The bank battle in a nutshell? Citigroup (C:NYSE) vs. Bank of America (BAC:NYSE).

  • Colin Powell's talking tough on Syria.

  • My buddy Lionel is leaving on Tuesday to spend Passover with his brother in Israel. Please be safe, my friend, and keep your right hand up.

  • Grandpa Neil Glassman points out (with his cane) that the 5-day main index put/call is under a buck (bearish) for the first time in the five years he's been tracking it. Nice job Neil. Now please put your teeth away before you lose them!

  • I would have thought that the Internet names would have shaken off on the Barron's effect already. Hmm...

  • Remember how important the 74 level is for Fannie Mae (FNM:NYSE), if and when. It was monster support all the way back to 2000 and, when it violated that level, it became an equally compelling resistance.

  • WATCH THE U.S DOLLAR! It's starting to slip some.

  • Watch bonds too... they've been a good contra-indicator for equities.

  • Carmello is dressing as if he's turning pro, right?

  • Oh yeah, the Double D thesis has nothing to do with the war in Iraq. It was in play long before Middle East tensions picked up.

  • It's AWESOME that we got our POWs back!

  • Expectations for tech earnings have been lowered by the price action of the last few weeks. As such, we must respect the potential for positive surprises.

  • Hope has no place in the trading process -- and that goes for the bears too.

  • I'm not sure I've ever seen more "respected" voices have such variant opinions on the market.

  • My trading horizon is typically a function of time or a function of price.

  • There's not many things better than brunch at Felix (SOHO) the first nice day of spring. Awesome fries!

  • Deep breath, dude. Earnings week is barely an hour and a half old.

  • Why do they call it "trail mix?"

  • The tenor of the market is (thus far) constructive and I respect the bullish elements (and the potential for higher prices). However, I still want to trade the Minx from the short side and use those prices, if and when, as an opportunity to add downside puts. Again, that's not advice (we don't do that here), I'm simply sharing my process with hopes that it adds value to yours.

  • Hey Tagz, could this be one of the best Yankee teams ever?
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position in bac, c, fnm

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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