I am "going silent" for the remainder of the day to knock out this article I have due. However, rather than leave early with a sense of unfulfillment, I will leave with a trading idea that you can all admire, scoff, and "miss the boat on," as a whole.

Victim: Legg Mason (LM)

Legg Mason posted their first ever loss today. To read more about it, click here.

Here is a recent chart that should speak pretty clearly...

There was a lot of volume involved near this short term top, which happened to correspond to the overall longer term trend of lower highs and lower lows. However, in the short term move towards resistance, there is an obvious trend of higher highs and higher lows...

 

Even though the move today is extreme, I still think it is easy to manage risk at this price. My "pain threshold" is $61ish, and my target price is $52. Risk 2 to make 7.

I am dipping my toe into some June puts. May puts have been selling like hot cakes today in comparison to the call option volume...

Disclaimer: You should not take this trade unless you found it yourself. You should also avoid shooting first and then asking me questions later. I am not your financial advisor, and by reading this you take sole responsibility for your own ridiculous actions.