By Todd Harrison May 08, 2003 11:19 am
COMP 1500 and BKX 800 are my best shot at mojo
- Once again, visions of Snapper are drawing "fast money" into the ETFs on the long side.
- Much like yesterday, the fade trade (higher) filled the opening gaps (and the BKX held 800). Is this a sign of an "inevitable" blow-off (final rally)? Not sure. But I'm staying tight with my (two-sided) intraday risk and will use higher prices to scale into further puts.
- Is it me, or do the retailers always seem to reverse the "same store sales" action the next day.
- 3M (MMM:NYSE) held the all-important 120 technical level (the first time).
- One of my better coverage guys says that his "last short standing" has started to puke his tech and S&P puts.
- If I write about Daisy's butterscotch thong and Brazilian bikini wax, can you imagine the content Charlotte-Anne nixes?
- Game plan in my mind's eye: I currently have both legs in my metaphorical bear costume. I'm thinkin' of adding an arm if we rush to S&P 950 or slipping an appendage out if we tickle 900ish. Obviously, this is subject to chance but it's kinda where I'm thinkin'.
- Snaps to the Spurs on their 2-0 lead on the Lakers.
- Europe, while off it's lows, is still down 2%ish.
- Goldman Sachs (GS:NYSE) acts heavy for the first time in... man, a long time. In the interest of full disclosure, I'm "trading around" some June 75 puts (small).
- This tape is thinner than a waif.
- Gold continues to trend higher.
- Downvolume/upvolume on the NYSE has been 2:1 (negative) all day. Nasdaq is 3:1 negative.
- I saw No. 32 last night and he blasted me for not calling him back. He's right. Can you imagine how embarrassing it is to tell your childhood idol that you were "too busy?" I invited him to join me in Minyanville for lunch tomorrow so we'll see just how pissed he is.
- Minyanville poll: What was the best horror movie of all time? Send your response to mailto:Fokker@Minyanville.com and let's get spooky!
- I'm thinking of doing a "mailbag Friday" segment where we answer one Minyan question each week. It could be about the market or anything else. What say ye?
- BKX 800. BKX 800. BKX 800. BKX 800. BKX 800.
- I wish I'd been at Woodstock. I may not have made it to Minyanville if I had been there, but it woulda been fun!
- If we loaded the boat with September out-of-the-money paper and took the summer off, we'd probably make some good cake and lead a much fuller life. It ain't gonna happen but it's a random thought and, well, that's what I do.
- I'm in total agreement with Monsieur Fleckenstein that a dollar crisis is a matter of when, not if. Somebody tell Igor! (it's EYE-gore)
- What is it about dirty water dogs that keep you coming back?
- What are decent upside rentals vs. the smattering of puts? How bout the consumer multinationals? As long as the psychology (however flawed) is that a weaker greenback is good (barf!), defined risk (via calls/stops) isn't the silliest thing I've heard.
- Tony called me this morning trying to speak Brazilian. What's that all about?
- Beauty school dropout?
- A thoughtful Minyan sent me a U.S. Flag that flew over the U.S. capital as a "thank you." That wasn't necessary, my friend -- seriously -- but I accept it with the utmost humility. As you alluded to, I will think of Bill Meehan (that swine!) every time I look at it.
- Yo Yo Ma.
- Remember the Qualcomm (QCOM:Nasdaq) $1000 research call?
- I've set up some S&P option put spreads and will sell the short call kicker if we spike. What am I talking about? Ask Professor Succo when UMV opens!
- I get emails every day from former readers who've "found" Minyanville. Please feel free to spread the word, guys, as our readership is our life line. We've also got alotta fahgina, er, feedback on the awesome stuff on Main Street.
- Casey is gonna head east next weekend for a Minyan brain trust. I'm very psyched! (feel better kiddo -- cracked ribs suck).
- I'm seeing put sellers today. Gulp.
- Do you think Fokker would shave his head for $5,000? $10,000?
- If GAAP changes it's accounting standards, what happens to the historical P/E comparisons?
- Because cats don't have opposable thumbs, Greg, anybody knows that!
position in spx, gs
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