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High on the Hog

By

Have a peaceful night!

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Big wheels keep on turning
Carry me home to see my kin
Singing songs about the Southland
I miss Alabamy once again, I think it's a sin


(Lynyrd Skynyrd)


No sooner did I post my last column than a buyer of S&P calls walked in and jacked an already anxious market higher. The order, which created more than 1,000 futures to buy, was all the Minx needed to spook traders into the vuja de play. An ticket like that, in and of itself, won't move markets but when juxtaposed against minty breadth and foxy financials, it's enough to turn the trick.

We've seen this movie before, both in the short term and in the long term, and the sellers have "gotten out of the way" for the most part. The bulls have now targeted Friday's high print (S&P 1010ish and NDX 1260ish) as the next level of technical importance. If they can push through there, the alternate scenario (S&P 1040) is possible.

For my part, I've been renting some exposure intraday (and with stops) against a smattering of puts. While I don't necessarily "believe" the upside, I respect the elements we've discussed. As the tape rallies, I am rolling up those stops and, in all likelihood, I'll punt most of them into the close. It is, after all, preannouncement period and despite the collective shrug, we must respect that as well.

I'm gonna hop and chop so let me take this time to wish you all a good night. Again, prayers to those suffering in the Middle East as the terrorist activity seems to be starting up anew. There's a lot of angst in this market but it pales in comparison to what's going on over there. Keep your perspective as we eyeball the bell and fare ye well into the close.

Have a peaceful night.
position in spx

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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