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Random Thoughts


You're gonna do what, where?!?!


  • The natural gas inventory data gave the OSX today's bid. The group doesn't "come in" with the market -- a sign of "dryness" (demand).

  • How do I incorporate "pin risk" into my trading style? I either "lean" against a strike (as an "implied" stop) or I'll target a strike in a name that has a high open interest relative to the average daily volume. For instance (and I'm not playing or advising this): If you wanted to short General Electric (GE:NYSE), 30 is likely your upside risk through tomorrow.

  • I'm craving Peter Luger's. Please don't tell Daisy, she'll think it's sick, perverted and incestuous.

  • How do you trap the maximum number of bulls? Fill their heads with quarter-end mark-up chatter, reverse before the week before and never look back. Is that the script? Not sure -- but wouldn't shock the schvitz out of me.

  • Oh, it's IN the computer!

  • There are different levels of levels. S&P 1005 was a short term "day trading" level while S&P 975 is an intermediate term trendline level (off the March lows). S&P 1000 is psychologically important and a "marginal" trendline.

  • Steve Rushin wrote a great article about Minyan Steve Kerr and the Spurs in the June 16 edition of Sports Illustrated. He hits the nail on the head: a classy guy on a classy team.

  • Will the fact that we haven't found weapons of mass destruction be the first domino that leads to a congressional hearing on the administration's "handling" of Iraq?

  • Fokker is getting saucy. He seems to forget that the keyboard is mightier than the sword. Does "leather body suit" ring a bell, kid?

  • Hearing that the macros are sellin' today.

  • Official expectations for noon release of Philly Fed is 5. I've heard whispers up to 10.

  • Don't be penny wise point foolish.

  • When does this become more than just a healthy pullback? Below S&P 975 (trendline).

  • Scotto Reamer is swingin' by for lunch. We canned the sashimi order in favor of cheeseburgers and fries. Rainy day menu.

  • The TICK just got to -999 for the first time since March. Wow.

  • The breadth is trending towards 2:1 negative. When is the last time we had back-to-back days with that?

  • If this rain keeps up, we're gonna have to build an ark for the critters.

  • The "sell the news" (on the brokers) strikes again.

  • Remember, negative gamma exacerbates volatility BOTH ways.

  • IF the tape turns, the SOX will likely lead 'em up. If the slippage continues, the financials should continue to lead the weigh.

  • Can Snapper emerge? In front of an expiration (negative gamma), anything can happen. Without sponsorship (or at least traction) from the banks, it's unlikely.

  • You own EMI? The music company?

  • KB Home (KBH:NYSE) and Solectron (SLR:NYSE) report after the close.

  • As a general rule of thumb, I believe that good things happen to good people and everything happens for a reason.

  • I miss summer camp.

  • Scotto's here -- gotta hop!
postion in spx, oih, smh

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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