By Todd Harrison Apr 07, 2003 3:48 pm
LET'S GO ORANGE!
Crazy, crazy, baby, I go crazy
You turn it on, then you're gone
Yeah you drive me
Crazy, crazy, crazy for you baby
My goodness! Hey Fokker, break out the straight jackets and clean out the rubber room! These are absolutely ridiculous moves in the marketplace and it's not for the weak of knee. I mean -- honestly -- you wanted to be a trader? Oy vey is meir!
The meltage from the opening levels, while vicious, hasn't dented the internal readings too much (yet). That's surely a constructive sign for the bulls but I will remind you that in a futures-led market, the breadth typically lags the price action. I'm keying more off of the macro indicators and while they're still equity positive, they're showing signs of reversion.
So you know (and if you care), I made some picks into the afternoon sell pressure as a function of discipline. I've surely been too cautious of late (always honest) but trading isn't just about winning positions. Sometimes -- often times -- our success is dependent on our ability to trade around difficult situations. By rolling my option exposure up (on the opening) and initiating new shorts, I was able to dig out of a hole and avoid having to put corks on my forks.
That's not to say I'm dancing in the streets -- this trade is far from over and I've still got two legs in my metaphorical bear costume. However, this is a real-time journal and that means I'll share my process whether it works or not. I'm not going to lie to you -- it's not always easy. However, if my mistakes (triumphs) help my fellow Minyans make better and more informed decisions, then our goal of a greater good is achieved.
I'm gonna scoot and turn my attention to my overnight risk profile. I sincerely hope you all managed this whipsaw today and, if you didn't, don't beat yourself up over it. This is the most difficult market of our lifetime and there will be both good and bad days. Smooth the process and control the emotional variance -- it's a marathon and not a sprint.
Finally, I would like to officially wish Coach Boeheim, Carmello, Gerry, Kueth, Hakim, Craig and the rest of my fellow Orangemen GOOD LUCK in tonight's championship game. Win, lose or draw, leave it all on the court and give it your best shot -- that's all you can ever ask for.
Have a peaceful night.
No positions in stocks mentioned.
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