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Numb? NUTS!


If Casey steals my thunder, I'll be udderly pissed!


Just a little pinprick
They'll be no more -- Aaaaaaaahhhhhhh!
But you may feel a little sick

(Pink Floyd)

It's a busy morning in Minyanville as we collectively board the triple-E ride of Earnings, Elmer and Expiration. Yes, kids, you've gotta be "this" tall to get on the rollercoaster and be forewarned, it's not for those with queasy knees. Nurse Fokker will be taking the children to the petting zoo in a bit so if you're not feeling frisky, feel free to follow Florence!

The horrid economic data has been bought all week so it stands to reason that a "better" Wolverine confidence number was met with initial supply. It's uber-early, this we know, but my early eyes are watching the inability of Dell (DELL:Nasdaq) to (thus far) find traction, the relative relaxation in retail (again), the seemingly soft side of semis (book-to-bill, DELL industry comments/Intel (INTC:Nasdaq) price cuts), the internals (8:5 negative), the melty dollar and unbelievable bonds.

The initial support areas reside at S&P 935, NDX 1140ish and BKX 800. Until any of those areas are breached, Hoofy will continue to sing "I'll Be There" in his best Michael Jackson voice. You know my take -- I've got a leg in the bear costume and I'm gonna stick with my gamma and a short side bias. I know, I know -- even broken clocks are right twice a day!

For those watching the front month QQQ trade, this is what I've done with that position. As you know, I bought 2500 QQQ May 29 calls for a dime in front of Dell and Elmer (Delmer?) as an upside hedge (vs. my June (et al) put plethora). This morning, I shorted the underlying QQQ against them (on a ratio) to set up some "one day" gamma (delta neutral). When the Jalen Rose Wolverine head-fake hit, I covered half of my underlying short and, on the mini-pop, kicked 1000 of the calls for a dime (my cost). In other words, I cut back the size of the position and I'm currently trading a smaller version of the same strategy.

Other than that, I've gingerly picked with Mary Ann (kinky!) and I'm doing a bit less. Queen Casey is swingin' by for lunch (no, really!) and the critters are actively prepping the Minyanville digs for her arrival. Five short hours until the requisite two-day respite, my friends, keep that right hand up and let's end this week with some jingle in our jeans.

I'll be back.
position in intc, 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

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.

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