LD
Doors and Bears
7/18/01 1:31 PM ET
Blood in the streets it's up to my ankles,
Blood in the streets it's up to my knee
Blood in the streets in the town of Chicago,
Blood on the rise it's following me
I hear ya, Booster, it's gettin' nasty out there! I'm carefully watching the internals (no uptick yet) and, whenever I get the itch to buy 'em, I look at the action in some of these tech bellwethers and think "Wow ... why cover?" The answer, however, doesn't lie in what is, but rather what will be -- and as there remain unknowns in our midst, I continue to want to take our journey one (baby) step at a time.
We touched on the topic of negative gamma in an earlier piece, and this adds to the uncertainty that is our next couple of sessions. Could IBM (IBM:NYSE) spark a strong move higher manana? Sure, at this point in my career, nothing would shock me -- including a short-covering rally at a point today. As such, I continue to snippet in our short exposure as a function of price, and I've rolled down our NDX stop to 1685. Boo's still here, mind you, singing the Dead, the Doors, some Zepp ... but you know how I feel about celebrating before a trade is booked. Pipe down, Furbag!
Meanwhile, and I say this with the complete and utter humility that only comes from being wrong, does anybody else see the drillers turning higher here? I know, I'm the mush, but, removing emotion, the price action is constructive, and as I've got them on my radar, I want you to also.
That's about it for now. I hope this finds you trading within your means, and thinking positive. It's all about thinking positive. If Ruby taught me nothing else, he taught me that.
I'll be back.
P.S. Four savvy football fans have correctly answered our earlier riddle -- so far!
R.P.
Long IBM, long IBM calls, long IBM puts |
