Bulls Trying to Spread the Love
It's two-sided toxic out there Minyans. Pick your fights and choose your flights.
Editor's Note: The following content was posted in real time on this afternoon'e Buzz & Banter.
Lunch Meat! - 12:45 pm
- It's raining cats and dogs in New York City. Hey, it could be worse!
- What to do? Why, SushiFriday of course. There's nothing wrong with some fresh fish on our time.
- What have I done today? Not a whole heckuva lot. I parsed enough Yahoo (YHOO) to avoid potential corks on my forks but left some inventory to sell into (a perceived) edge towards $30.
- Keep 1/4 eye on Lehman (LEH), Wells Fargo (WFC) and Mother Morgan (MS), all of which are somewhat slippy.
- Is this 1998 or 2001? I'm gonna delve deeper into that topic next week but I'm 75-25 that it's the latter matter as a function of cumulative debt dependency.
- What's the best thing the Giants have going for them? The fact that I'm gonna lay some wood on the Patriots to cover. Hey, I'm a Raider fan living in New York. Again, it could be worse.
Fish Sticks! - 2:02 pm
Alrightee then, as I load myself to the gills with fish (put... the chopsticks... down!), the following are some thoughts in no particular order. Are you really that surprised?
- I've picked up the pace of my Yahoo (YHOO) sales as the stock migrates around $28.50. Yes, I could have made sales higher (and $30 is very realistic) but a fool and his money are lucky to find each other in the first place.
- As I've reduced some long exposure, I've also unwound some short exposure. Bear Stearns was the maiden in that volcano as it was a pure hedge. Two quick thoughts:
-You always wanna lose money on your hedges.
-A good trader knows how to make money, a great trader knows how to take a loss.
- You know what's perking up? Baidu (BIDU). I'm not involved--nor do I plan to be under $300--but it bit my elbow so I wanted to pass it along.
- Into the close? Market breadth is 2:1 positive and the tape has shrugged off Google (GOOG) thus far. That puts S&P 1405 squarely in our radar and if we get there, I may slap some weekend exposure on. Until then, and as of now, I plan on watching the game with less on my mind and powder in my pocket.
- Dinner. Ritas. Macke. Noice.
- Now, if you'll excuse me, I've gotta get another round of fish. That, and it's time to elect the semi-annual Minyanville Employee of the half year. Note to team: Yes, I am eligible. Again. Really.
- As always, I hope this finds you well.
Last Dance with Mary Jane, One More Time to Kill the Pain... - 2:51 pm
- Snaps to Minyanville Semi-Annual Employee of the Half-Year Terry Woo for his outstanding efforts and continued mojo!
- If January was a long year, these last five days were a long month.
- As we lift to the gift that is S&P 1405, I continue to parcel out long side exposure.
- That's not to say we can't power through (S&P 1450ish would still be lower highs) but given the rally we've seen--straight into a massive breakdown zone--the onus is on Hoofy in my humble opinion.
- Look at it this way. No, this way. OK, this way. If I told you two weeks, 1200 DJIA points and 125 S&P handles ago that you would have the chance to make sales into S&P 1405, would you have done it?
- I know, the FOMC has come through, the M&A is game on and the world has changed. Or has it? It is human nature to look for reward while the screens are green and focus on risk managment when the red spreads.
- !it slice you anyway, backwards That's
- June 13. Petty. Winwood. Boston. Noice.
- Speaking of TP, here's some tunage for those of you trying to hang on. We're almost there, cookie, hang tough.
If I Were Barbara, I'd be Eden Too! - 3:38 pm
- We spoke yesterday about Hoofy's desire to spread the love from narrow leadership to widespread participation. Today's fray fits that bill and is all the more impressive given the Google (GOOG) action.
- It's enough to make one feel outright bullish. Right into massive resistance.
- It's two-sided toxic out there Minyans. Pick your fights and choose your flights.
- It's tricky to rock a rhyme to rock a rhyme that's right on time it's tricky.
- I've fallen and I have gotten up! See Granny Goldman (GS) as she suddenly hit a stride.
- Color me gonzo in Yahoo (YHOO)! I coulda traded it better but there is no shot--zero, nada, zilch--I dare complain. So it's said, I think this deal goes through and Yahoo eventually finds a $3-handle bid but I'll leave that fight for the risk-arbs.
- I thought about covering Citigroup (C) to put it back out at $30 but I opted instead to let it drift higher and will set my stop on the other side of the technical ride. I'm not huge (stop, I'm talking about the position) as a function of our aforementioned reasoning.
- For what it's worth, I think they should leave the stimulus packages to Pfizer (PFE). It's not that I wan't people to suffer, it's just that I don't foresee any of these really working all that well.
- Man, I must be getting old. There was a time when I would hit the Friday door running and hit the big city gunning. Now? I dream of faceplants. And Jeannie. Faceplants and Jeannie. Swell.
- Fare ye well into the bell, Minyans, and enjoy the bowl!
- Prediction: Patriots: 41. Giants: 17.
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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