Randoms: American Grandstand on the Beltway
Chairman Bernanke gets grilled on the hill.
Editor's Note: The following was posted in real time on our premium Buzz & Banter (click for a free trial). It's being shared here for the benefit of the Minyanville community. See also The Reverse Industrial Revolution.
Gate Sniffage! - 9:55 am
- Since it cost a lot to win and even more to lose, you and me better spend some time wonderin' what to choose.
- As I chewed on a slice of humble pie yesterday, I scratched back the undisciplined losses from Monday and enter today's session with a lighter and tighter (skewed positive) risk profile.
- I've got some tertiary rental exposure in Dryships (DRYS), Yahoo (YHOO), Lowe's (LOW), Intel (INTC), Research in Motion (RIMM) and the USO and alotta dry powder to fade 'em and trade 'em as a function of time and price.
- Please note that I unwound my gold puts (the "easy" trade, in hindsight) although I'm open to re-initiating that risk if my fancy is struck.
- My fave trade of the above? RIMM.
- S&P 800.
- If Amazon (AMZN) breaks $57.50 and begins to fill that gap, please wake me up at $50 as a buyer. Mr. Valentine has set the price.
- Latvia. Ukraine. Is anyone else picking up a common theme here?
- If you click through one link today, make sure it's this one. Old School Jimi should be rippin' it throughout our hike over the Hump. Seriously--turn it up!
- What ever happened to Horshack?
We'll be sending out our first "official" correspondence to Ambassadors in the Minyan Underground Railroad this Friday.
What exactly is the M.U.R.?
It's a network of human capital that intertwines the world with people who are very good at what they do and better at who they are.
It's for those of us who believe that our name and word mean something.
It's for those of us who believe there's a better way to do business and a common ethos in how we do it.
Honesty, trust and respect.
The vision for the M.U.R. is taking shape as we speak and will continue to evolve with input from the Ambassadors. We foresee a global grid-which will be featured on Minyanville-where like-minded individuals can connect, reflect and affect positive change (just emails, no personal information).
There will be alotta "card carrying" benefits" so if you wanna be part of the solution, lemme know and we'll circle the square (so to speak!).
Have a great day and play like a Minyan.
I'm fatter, er, flattered... wait, no, I had it right the first time! - 10:32 am
Yes, Trading Gods, I see Target (TGT) trading dry in the face of the fugly tape. And ya know what? I nibbled anew on some calls. Not because I sold 'em yesterday--because it trades dry today.
I did, however, pair my Lowe's (LOW) and Intel (INTC) calls and bought some QLD (ultra-QQQ) for a schnitzel with a stop below today's low. Pure risk rotation (and yes, for a marginal loss).
I offered some Research in Motion (RIMM) calls (pure discipline vs. in the whole buys) and got lifted 10% above the offer. That's typically a tell-tale sign that buyers are lurking.
Every day's a new day, that's what I've been told. Try to hold your head high when the world runs hot and cold.
How do I tell that that due to the unfreezing process, I have no inner monologue? Last night around 11pm, while in bed, I had a chocolate craving. As I live above a Duane Reade (the store, not the guy), I tossed on some sweats and took down some sweets. Thing is, I couldn't decide between the Haagen Daz Chocolate Chocolate Chip, the Frozen Yogurt, the Chocolate Chip Cookies, the (large) bag or peanut M&M's or the dark chocolate M&M's. So... I bought 'em all. Somebody stop me--I can literally hear myself getting fatter. Wait... am I actually saying this out loud?
American Grandstand! - 11:45 am
You going hoppin', we goin' hoppin' today, where things are poppin' the Philadelphia way, we're gonna drop in on all the grillin' today on the Grandstand, Grandstand. Indeed, Uncle Ben is feeling the heat as politicians poke and prod our Federal Reserve Chairman.
We like to do our part in the 'Ville and as such, we've sent Hoofy and Boo to the Beltway to ask some tough questions. Enjoy!
In other, random, Hump Day news:
I can not tell a lie--while I set my QLD stop below the (then) daily lows, I A.D.D.'d the level as I tended to other Minyan affairs. Better lucky than smart but in honor of the process, I sold 33% of the position (into $24) and will trail a stop on the leaves.
It would be easier not to say that, but honesty and integrity are the hallmarks of the 'Ville and win, lose or draw, you'll get the straight story.
Maybe something, maybe nothing, Maybe Bluthe--but does anyone remember what sector started this sheet show? I'll give you a hint: O-Dog (America's worst nightmare!). Yes, it was the homies. And along those lines, I'll draw your attention to the fact that the HGX has (thus far) bottomed 15% higher than the November lows.
I get the whole Nouriel Roubini thing--he nailed this malaise and deserves some face time--but, well, so did we. I'm torn between jacking PR to get that message out or continue to operate with the belief that if you do the right thing long enough, people will eventually take notice.
Finally, as we're a community that cares, a fellow Minyan is looking to hire (not a typo) an equity strategist and energy analyst. Shoot me an email if you're interested and I'll forward it in kind (hey, it's what we do). Further, if you're a research analyst looking to monetize your voice via a Buzz Channel, shoot me a note as well. The ability to add capacity into the downturn will define the winners on the other side of this ride.
As always, I hope this finds you we with a goofy smile on your puss.
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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