By Todd Harrison May 16, 2003 10:52 am
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
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
Get The Minyanville
Daily Recap Newsletter
Daily Recap Newsletter