By Todd Harrison Aug 20, 2003 2:27 pm
Reach out and touch somebody!
Ticking away the moments that make up a dull day
You fritter and waste the hours in an off hand way
Kicking around on a piece of ground in your home town
Waiting for someone or something to show you the way
Somebody call Marty Moose! Denis Cormier, Canadian Minyan extraordinaire, was the first to identify Hawaii as the Griswold kid's getaway wish! Were you late to the party or not a fan of classic Vacation movies? That's all right, you can still get your own kick-arse Minyanville tee by visiting Harrison's Department Store. Help feed a critter and we'll donate ten percent of the proceeds to the Ruby Peck Foundation for Children's Education. Somebody call Aunt Edna!
Back in life, back to reality, the Minx continues to spurt along and sing her song. After seven consecutive green sessions, the NASDAQ comp surely seems set in her ways. If you listen closely, you can already hear the rationalization in bovine circles. "If they can't get 'em down with Hewlett (HPQ:NYSE) getting smushed, they ain't gettin' 'em down!" It's a valid argument, I suppose, but I will once again offer that, technically, we're still at the top end of the recent range (NDX 1200-1320).
Personally, I'd like to pound these bids like a chicken cutlet but I've got my positions on and I'm being careful not to overtrade. I've got a short bias with an uber-uber-tight stop and despite the constructive tone, I've removed emotion from the mix. The goal, when trading, is to view prices as an opportunity and let the Minx work for you. It's easier said than done but that doesn't mean you should stop trying.
I opined a few weeks ago that I felt we've seen the highs for the year and, at the risk of gettin' Snoop slapped, I'm still in that camp. I'm not betting the ranch that way but my risk profile is skewed to incorporate that "statistical probability." If I'm wrong--and it wouldn't be the first time--my risk is defined and, hopefully, my cheap upside hedges will offset my put premium. Discipline must always trump conviction regardless of your posture.
That's about it from the front lines as the blip has morphed into a dip. Keep an eye on General Electric (GE:NYSE), monitor S&P 1005 as first resistance and don't try to squeeze water from a stone. If you're shooting marbles (read: no edges), don't press and guess and create a mess. It'll show itself--you've just gotta keep your eyes peeled.
If you're slow, why not pick up the phone and call somebody you care for but haven't spoken to recently. I was reminded of how many relationships I've let "slip" when I attended Angie's memorial service a few weeks back. It takes two minutes to place a call but the ripples last a lifetime. When's the last time you spoke to your college roommate? Your favorite cousin? Your mom? I know, it's goofy and has nothing to do with trading. But that's ok...it has everything to do with life.
Fare ye well.
position in spx
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