Mutterin' & Stutterin'
Not only have I never been to Jackson, Michigan.....I'm not that type of cow!
"Oh I like this one.. One dog goes one way, the other dog goes the other way, and this guy's sayin', 'Whadda ya want from me?"
--Tommy DeVito, Goodfellas
All right, that was a little crazy. Blink! The Spooz dropped ten handles. Wink! The tape bounced back after some tasty nourishment from the Philly cheese steak. Now, we got one dog looking this way, another dog looking that way and Fokker's saying "Whadda want from me, boss?"
Indeed, there's more than a few crossed signals in today's traffic. In Hoofy's corner, the breadth doesn't budge, the semis hold tight despite Intel's (INTC:NASD) slippage, and the S&P has held the lower band tag of the trend channel (from August 6th). For Boo's part, the financials have traded funky all day, Intel is slipping (it led us higher) and we've yet to break out above the trend channel/triple top.
I've been naked for a long time and decided earlier that S&P 1007 offered a decent risk/reward for a little costume dressing. By setting an uber-tight three handle stop (S&P 1010), I defined my trade parameters and implemented a set strategy. So you know, I did pick a bit (read: buy small) on that initial break as an unknown loomed (Philly Fed) and I stumbled into some quick gains.
To be clear, I've got a few different trades on right now. The appendage add was "tight" day trading risk that augmented my core positions. My "broader" book still has my financial puts and some industrial calls (positive gamma) although I took the lion's share of my semiconductor exposure off. I may be early to the exit but the Intel action tainted my view. Besides, nobody ever went broke taking a profit.
I'd like to offer a strong view into the close but I'm not sure that one exists. I can only tell you how I'm playing it with the hopes that, at some level, it adds value to your process. Watch the financials, Intel, the breadth, our levels, Microsoft (MSFT:NASD) and your watch. In three short hours, we'll all be able to turn our attention to the important stuff.
In Minyanville news, I'd like to thank all the Minyans for the fantastic response to the Critters Choice Awards. While we all work to live, there's nothing better than working to help improve the lives of children. In the coming days and weeks, the site will be updated with confirmed talent, sponsors and beneficiaries. Further, we'll soon be launching our first CCA auction and you'll have the opportunity to star in the first ever Minyanville animated trailer that will debut November 12th. Pretty cool, right?
Hopin' that your jeans are jinglin' a bit. I'll be back.
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