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The Job Slob

By

Trade to win, never trade "not to lose."

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Ain't nothin' goin' on
But the rent
You've got to have a J. O. B.
If you wanna be with me


(Jessica Folker)


The Minx slinks out of the gate and Freaky Friday is a reality. The early action is mixed as the pressers, guessers, faders and traders all place their roulette bets. The initial knee jerk was intuitive as players are conditioned to use dips as opportunities. The real games now begin as we gingerly edge forward through the muck.

The semis are exhibiting early traction and that's emboldening Hoofy's heroes. After the first Intel (INTC:NASD) boost (two weeks ago), Boo raided the tape and caused a nasty (downside) reversal. What the bears must now figure out is whether back-to-back tech attacks is too cute. Thus far, the sticky chips are offering cause for paws.

Away from that fray, the financials opened marginally lower and have (thus far) traded dry. I've been keying on Citigroup (C:NYSE) and the brokers and they're stubbornly sticky. Objectively speaking, the uber-early action is constructive and while it may prove to be a short-lived head fake, the bulls won't go down without a fight.

Breadth, while negative, has edged back to a more balanced posture. The dollar is weaker, gold is firm (again) and crude is a wash. I'd love to unleash the hounds and let Boo pound but the intra-day ducks have yet to quack in sync. That's a recipe for doing less and while I'm trading, it's a bit more balanced (and tighter) than I earlier anticipated.

Please note that there is an insane amount of call buying in tech. It's a legitimate feeding frenzy out there and while I'm certain the food chain will eventually reverse, the bulls are still pressing the glutton button. Identify a horizon and define your risk, Minyans, as this session may be nuttier than Austin Power's coffee.

I'll be back.
position in c

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.

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