Random Thoughts: Gangsta Gangsta!
By Todd Harrison Oct 02, 2008 4:05 pm
Defined risk, please.
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 The Critters Turn Six! and The Here is Now.
This market has the distinct feeling of someone having an anxiety attack and falling into a crowd of people. The powers that be are trying to catch him (her?) before (s)he hits his (her?) head on the ground.
- Yes, Minyans, we'll have the NYU speech on the 'Ville in short order. I'm pretty sure you've heard most of it before but, as there have been several queries, we're gonna let it fly. Many thanks to our NYU Minyans for their bang-up job.
- 3:30. Buy backs end. Redemption notices hit. Tension is high. Yeezers.
- If you're not reading Pep's Step, you're missing some of the best content out there. Period.
- There are two schools of thought when trading. "Hit it to quit it" or "scale as a function of price."
- I've been in the former camp for some time--two ways, mind you--but my antennae are starting to perk up on the former storm in select situations (drillers?) for a pure trade.
- And yes, I'm gonna carry home my small Weatherford (WFT) call schnitzel. Not advice, just sharing the process, and biddin', not takin'.
- With defined risk, mind you. Everything defined risk, please.
- Remember a few weeks ago, Pep offered that--by definition--technical indicators don't work in a crash. That's why that call it a crash. Things break.
- Thank you. Thank you. And thank you.
- My eyes keep floating to the banks--JP Morgan (JPM), Bank America (BAC), Citigroup (C)--wondering what's gonna happen when they unleash Mother Nature.
- It's prolly better that they're on my restricted list--after 17 years of trading 'em (wow, I'm old), I would prolly be knee deep in risk right now.
- I just scanned my screen for green beans in the Red Sea. AIG (AIG)... at $4. National City (NCC)... at $3. Wachovia (WB)... at $3.89. And no, I'm not suggesting that's bullish action--I'm simply marveling at the price points.
- And fallin' and yellin' and pushin' and screamin' and cussin'...
- Be a part of the solution, Minyans. That is our task at hand, now more than ever. Fare ye well into the bell, hug someone you love (yes, it can be a pet) and take a deep breath. This too, shall pass.
Position in WFT
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