Randoms: Trading from Timmy's Grill
The banks try to put on a brave face.
When I say pare shaped, I'm not talking about my physique--I'm tellin' ya, I'm on the healthy mind, healthy body, healthy spirit kick--I'm talking about my Turnaround Tuesday trading. I've been more active than the pathogen in Jack Bauer, hittin' and quittin' on both sides of the ride, and this is where I've netted out.
As discussed in the last Buzz, I halved my FAS and Amazon (AMZN) into the hot popper. Additionally, as I spied slippage in the semis, I followed suit in the QLD (NDX 1300 support notwithstanding). From there, I watched and looked for clues on one of three potential scenarios: Bull Stuffage, the vaunted Double Dip (before a bounce) or straight continuation to the upside (I didn't vibe that but I most certainly respected it).
As Timmy's Grill offers food for thought, I've actually bought back some FAS (in and around $6.25) with an uber-tight trailing stop. That slug doesn't change the M.O. on the first piece (trailing stop for a credit), it's just a little extra effort as I play with house money. Doesn't make it right but it sure as schvitz is honest. And, given the fact that Amazon isn't lifting with this second push higher, I'm tightening the stop on my remaining exposure in that four-letter freak.
Meanwhile, every time I see Timmy, I think of Hoofy and Boo's take on AIG (AIG). If you haven't seen this yet, I suggest you do as a little levity goes a long way, now more than ever.
As always, I hope this finds you well.
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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 firstname.lastname@example.org.
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