No Stone Unturned
By Todd Harrison May 14, 2003 2:15 pm
The bonds are ripping!
Stuck around in St. Petersburg
When I saw it was time for a change
Killed the Tzar and his ministers
Anastasia screamed in vain
(The Rolling Stones)
Alright, I was wrong. I'll finally fess up and admit the error of my ways. The Stones gotta be in my top five and while I can't (in good conscience) boot U2, I've gotta squeeze the Brits in. The Minyans have spoken (they pegged Mick at No. 3) and far be it from me to veto the 'ship. Stay tuned for tomorrow's bottom-dweller poll -- this thing is just starting to heat up!
Speaking of rising heat, the energizer bully keeps trying to do his thang again and Boo has already placed a call to his pharmacist. It's not easy being squeezy, Pavarotti, and there's no denying the impressive tenor. There's a fine line between using prices to our advantage and fighting the tape and this latest lift is pushing the envelope. What's constructive? The rotational element, for one. The retailers, for instance, are taking some chin music today but that money seems to be rotating intramarket (healthcare). The breadth continues to impress as well and while it's not exactly minty fresh, we're a far way from halitosis.
Why, then, am I playing with fire, er, puts? I've laundry-listed my thought process and I won't bore you with the broken record. Suffice to say that the combination of low vols and high prices are lip-smacking and while the Minx is currently using the back of her hand, that's subject to change. As it stands, I'm coolio with the June put plethora and October umbrellas (rainy day), while renting some defined-risk consumer (small).
Please understand that there is pretty big two-sided risk heading into tomorrow's numbers. While the path of least resistance is higher, the conditional elements are in place for a whipping, boy. That doesn't mean it's imminent (obviously) but it doesn't mean that it's not either. My point is, understand your risk profile and best/worst case scenarios before powering down and focusing on the important stuff.
On a personal note, I wanna say thank you for the incredible feedback I've recently received. I haven't exactly been knocking the cover off the trading ball but, ironically, the inbox is at an all-time high. Our goal at Minyanville has never been to be an "advice" site; it's been to create an educational community with an eye on the greater good. It certainly hasn't been without speed bumps but the support from the Minyanship has been... well, inspiring. For that, as Ruby used to say, "thank you ever so much."
Fare ye well.
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