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Random Thoughts


Trailing stops and defined risk, Minyans.

  • While this metal move isn't a shocker, I'm much more comfy buying dips than laying into 'em. That may cost me in the short-term but it's paid off as a general rule of thumb.

  • The sharpest corrections occur in the context of a bull market. This we know. What we know is whether this metal pullback cuts like a knife or rips like a razor. As it stands,
  • I'm still flying with one eye shut as my NYSE feeds are down. It's the definition of Frustration Station but I'm determined to keep my cool despite the lost profits and lack of information. Hey, it could be worse--it could be raining!

  • "Turkish lira, copper, gold, silver, euro stocks, Middle Eastern bourses, etc. THIS is the type of action that surrounds deflationary credit contractions. That has been our macro call for 18 months and it seems - seems - like the start of it. A bounce in the dollar and a strong rally in bonds would add additional weight to that call." Scott Reamer on today's Buzz.

  • Trailing stops and defined risk, Minyans. Trust me, on pure trading stuff, I speak from experience.

  • While I've got limited eyes this morning, I spied the UNH downtrend line ($46.50ish) that has been in place since the end of March. I don't claim to have a handle on the "depth" of this smoke but, from a pure trading perspective, it doesn't matter. I'm still there with defined risk and trailing stops. And so you know, if this gets a bit more jig, I'll likely make some sales as a function of discipline.

  • Are you fishing for profits in a tough tape?

  • Keep the Russel on your radar as (April's low) is worthy of a nose scrunch. The small fries led us higher, we know, and they'll likely lead us lower.

  • Dink Dink Dink, that's not a countdown to Jack Bauer and 24. It's the slow erosion of the aforementioned "cool" that I'm trying to keep. This is the wrong day for system issues.

  • Mushy, sorta like is trying to shock the world with an upside move. The longer he goes without a green show, however, the more likely the bulls will step aside the crimson tide.

  • Call me crazy--but I wanna keep some autumn out-of-the-money puts on in the financial space. I can (and will) trade specific situations on the long side but I'm more comfy doing that if I've got some watching my back.

  • "Net foreign purchases of long-term securities were $69.8bln, according to Treasury Department TIC (Treasury International Capital) data released this bottom line, what does this mean? Well, for one thing, it helps explain the Bush administration's sudden about face to embracing a weaker dollar! Why would the Bush administration change course 180 degrees and support a weaker dollar? Because with central banks ratcheting back their purchases of our securities, perhaps they have no choice." Pepe Depew on today's Buzz.

  • I love New York ? Where else can you get bought out of your contract and net $40,000,000 for doing a horrible job?

  • R.P.
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Position in UNH

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

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