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Random Thoughts: Miracles and Minyanville

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Great moments... are born from great opportunity.

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Editor's Note: The following content was posted in real-time on our premium Buzz & Banter and is being shared here for the benefit of the Minyanville community.


Gate Sniffage - 9:39 am

  • Following yesterday's fugly action, you can be certain of one thing--we'll see a probe at a point. The quicker it happens, the sooner we'll see what this tape is made of.

  • What am I watching (into that probe, and otherwise)? Lehman (LEH), for obvious reasons, along with Washington Mutual (WM) and AIG (AIG), beta (Apple (AAPL) $150 is big), the dollar, market breadth and the clock. It's already a long week.

  • You know what's a curious red head today? Goldman (GS). It caught my eye right out of the gate.

  • Ya think? Commodity index investors sold $39 billion worth of oil futures between July and Sept. 2.

  • Circling the Wagons? Warren Buffet has told his Berkshire (BRK.A) to stop writing insurance for bank deposits over the FDIC's $100k limit

  • I'm gonna make some disciplined, partial sales in my USO call position vs. yesterday's late day adds. So ya know.

  • Good luck Minyans--be the ball.


HOLYCOWTOOMUCHCOFEE - 10:09 am

President Fish brought me a large McDonald's iced coffee this morning and I'm running around like a juiced up Magda! I mean--who knew I could ever type this fast? Let's get crackin'!

  • How would I describe this market? In a word, Fragile.

  • That doesn't mean we can't rally--breadth is 2:1 positive--but real risk remains.

  • Red beans in the green sea include Apple (AAPL) (again, watch $150), WaMu (WM) (Wa-Two?), United Technologies (UTX), Applied Materials (AMAT), Amazon (AMZN) and Google (GOOG).

  • Hmm... Google...Goldman (GS)...

  • I've sold 40% of my (admittedly too big on the close) USO call position. Just trading, and trying to do so with discipline.

  • I've also got some General Electric (GE) puts and some Campbell Soup (CPB) calls. Not advice, naturally, but I like the rhythm of those sector bets.

  • In the heat of the rhythm of the night.

  • Lemme hop...


You were born to be Minyans. Each and every one of ya. This is YOUR time. Now go out there and take it!!! - 10:56 am

  • While the market is skating on thin ice, it's important to remember that nobody scores goals playing defense on their heels. Think positive--trade positive--be positive. Profitability begins within.

  • Bloomberg is reporting that Goldman (GS) is reworking terms of credit agreements with prime brokerage clients as a part of an effort to better control its exposure to hedge funds. Remember Minyans, risk appetite and social mood shapes tapes.

  • I'm always early, I know, but I sold the meat of my USO "overage" into this morning's strength. I've learned through the years that if you're staring at any one particular instrument, the position is likely too big. I'm now in a better position to buy dips and sell blips, although I'll again reiterate that this is a trade in the context of structural deflation.

  • As goes the piggies, so goes the smoke. Pay particular attention to WaMu (WM) (-15%), Wachovia (WB) (-5%) and, of course, The Brothers Lehman (LEH) (up a quarta) for bead on structural psychology in the sector.

  • Television's JeffMacke® and I agree to disagree on alotta things. The sheer brilliance of Miracle--and, in particular, Kurt Russell as Herb Brooks--is one thing we're in lockstep agreement on.




"Great moments... are born from great opportunity. And that's what you have here, today, boys. That's what you've earned here today.

One session. If we played 'em ten times, they might win nine.

But not this session. Not today.

Today, we trade with them.

Today, we stay with them. And we shut them down because we can!

Today, WE are the greatest trading community in the world.

You were born to be traders. Every one of you. And you were meant to be here today.

This is your time. Their time is done. It's over.

I'm sick and tired of hearing about what a hard market this is.

Screw 'em. This is your time.

Now go out there and take it."


Answers I Really Wanna Know... - 11:36 am


R.P.

GET TODD'S INSIGHTS AND IDEAS FROM 30 OTHER TOP TRADERS IN REAL-TIME EVERY DAY ON BUZZ & BANTER.

Position in USO, GE, CPB

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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