The Sad Cafe
By Todd Harrison Aug 12, 2003 1:35 pm
Here he comes!
I can't stand this indecision
Married with a lack of vision
Everybody wants to rule the world
(Tears for Fears)
It's uber-quiet in the city of critters. How quiet is it? It's so quiet, you can almost hear Fokker's bonus drop! As traders manicure their risk profile ahead of the Fed, Sammy is doin' his thang with his sideways slither. While the snake takes today's cake, that's sure to change as we rearrange. Why is it that I can't shake the image of Elmer walking a tightrope as the critters watch nervously from below?
While it's slow, I figured I'd sneak a quick post out to ye faithful Minyans. I don't have much to say other than to remind you to practice discipline over conviction. I'm a pretty grizzly bear when it comes to the broader view but the near-term picture has a marble's edge. Should we rally from here? I don't think so. Could we rally from here? Absofrigginlutely. What you need to do is establish parameters in your risk profile and time horizon. That way, if the trading gods smile from above, we'll be in a position to use prices to our advantage.
I've done exactly three trades today. I've nibbled gently on some Goldman puts (GS:NYSE) and Citigroup puts (C:NYSE) while peeling out of a small schnitzel of Deere calls (DE:NYSE). Other than that, I'm in watch mode as I await our bespectacled spectacle. While I expect the volatility to pick up considerably (after 2:15), I don't plan on trading too much unless my price points are triggered. It's very thin and often times, on days like this, the action is somewhat random.
In Minyanville news, the big announcement will be this week and if you know where to look, you'll see the previews have already begun. Suffice to say that this will be the biggest effort yet in our philanthropic vision and, if this goes off the way I think it will, a LOT of kids will benefit. Nobody's ever tied the music, film and finance industries together for purposes of charity but that's about to change. In a big way.
Finally, as we wade through the dead calm, I wanted to toss out a quick trivia question. One of the 70's icons appeared on a famous (albeit odd) television series as a contestant in a frog jumping contest. What show was it...and what was the name of his frog? The first correct answer sent to firstname.lastname@example.org wins their choice of a kick ass Minyanville t-shirt. Wasabi!
As always, I hope this finds you well.
position in gs, c, de
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