Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Random Thoughts: The Unfreezing Process


Finding a way through this thing.

Editor's Note: The following was posted in real time on our premium Buzz & Banter. It's being shared here for the benefit of the Minyanville community. See also Mickey Mantle Won't Pay Our Rent, Dusting Off the Bull Costume, Miso Horny? and Capitulation Now?

How Do I Tell Them That Due to the Unfreezing Process, I Have No Inner Monolouge? - 12:45 pm

The following unedited thoughts are the very first things to flicker behind my tired eyes:

  • Through pure eyes--and careful not to post-rationalize--we've long offered that M&A deals would be a incremental positive for the market. Wells Fargo (WFC)-Wachovia (WB) and Eli Lilly (LLY)-Imclone (IMCL) qualify as such.

  • Many of my tries are with common stock as option volatilities are fatter than Sherman Klump.

  • Perhaps VXO 70 is violated into the close (after the forced selling hits) but, using crayons not pencils, we got "close enough" with this morning's print at VXO 66.30.

  • The greatest risk to the market continues to be counter-party exposure and a complete loss of confidence in the capital market system.

  • One could argue that faith in free markets ended a few weeks ago and it well might have.

  • Wowzers, was it really just a year ago that folks were pushing Dryships (DRYS) at 130 as the play for the new paradigm?

  • For those with the skill set to do so, selling downside puts isn't the silliest thing I've ever heard given the volatility spike. If you're "put" the stock, you have a cheaper cost basis and if not, you'll take in the premium.

  • If you don't know what I'm talking about, please avoid the above bullet altogether. This is no time to experiment or learn on the fly.

  • To get through this, we need to go through this. It's a bitter pill, I know, but one that is a long overdue part of the price discovery process that will ultimately facilitate better days and easier trades.

  • Yeah, I'll likely be early on this as well.

  • I can accept being wrong. I don't mind being humbled. But taking away our football Sundays is simply unforgivable.

  • There are many reasons for profound sadness. That too is an emotion, however, so let's leave tears for weddings and funerals and focus on our task at hand between the bells. If we take care of the minutes, the hours will take care of themselves.

  • And yeah, I'm all for throwing the book--no, the novel--at those who transgressed as we identify those culpability.

  • With regards to any and all thoughts that I've shared (QLD, GLD, Weatherford (WFT), Transocean (RIG), Baidu (BIDU), Apple (AAPL), consumer non-durables), I'll again communicate that, as a trader, I'll be moving in and out of that risk as a function of time and price.

  • It's impossible for me to offer a faceless audience advice--everyone has a unique time horizon and risk profile--but it's been our long-standing mission in Minyanville that sharing our process adds value to yours.

  • Now hit me again Ike and this time put some STANK on it!
Positions in QLD, GLD, WFT, RIG

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

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.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

Featured Videos