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Turn on Your Lovelight!

By

The brokers have held a bid all day!

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Shaking in the garden, the fear within you grows
Here there may be roses to punch you in the nose
Twist your arms around you, slap you till you cry
Wrap you in their sweet perfume and love you till you die

When push comes to shove, you're afraid of love


(Grateful Dead)


Alright, the Applemusic.com commercials are starting to annoy me now. Perhaps it's because Fokker insists doing his Michael Jackson impersonation every time it airs? Hey Florence, do yourself a favor and stick to nursing -- you couldn't carry a tune if it had handles! As a matter of fact, stop and send DogManStar his Minyanville tee for correctly identifying Denny McClain as the winning answer to today's trivia question. Chop chop!

Turning our attention to more mundane matters, the Minx is attempting to find a feel as we edge through the early afternoon. There's been supply above and demand below and, thus far, that's made for an anticlimactic effort. There's surely still time (please don't call me Shirley!) and with tomorrow's expiry looming, we've gotta stay on our two-sided toes. Exciting? Not yet... but don't get lulled into a false sense of security, this day is far from over. That goes for you too Boo!

My posture remains the same: I've got some front-month cheapies (QQQ May 29s) and a lil' bit of consumer calls that serve as an upside hedge against some longer-dated puts. I'm doing "some" day-trading but, truth be told, it's isolated and situation-oriented. There's a balance between the "eyes" (they act great, breadth is constructive, bids below) and reality (crowded longs, complacency, SARS, economic non-confirmation). I'm attempting to walk the fine line between what is and what will be while not overtrading (or over-thinking!).

Beeks will squeak by tomorrow with the orange crop report and, after the morning expiration (indices), focus will shift to the individual names and potential pins. I wish I had more insight on the uber-term direction but, as a function of my current risk profile, I don't have to make that decision just yet. Keep half an eye on S&P 950 as those calls (bought en masse earlier this week) expire on the opening bell. Tick tock!

Finally, I've spoken to a couple of Minyanheads regarding the Dark Star Orchestra concert on June 4, and I think we're gonna hook up for some schnitzel before the show. I got my tickets this morning so if you dig the Dead and wanna connect, feel free to join our miracle! No shop talk, just good tunes, good vibes and good energy. Good 'nuf?

Fare ye well, and good luck into the bell
position in qqq

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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