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Fancy Way to Say: Un-hedged Being naked in a position means there is no protection against an adverse move. In other words, the position is exposed to a move counter to that which is expected.

Fancy Way to Say: Midday Rally Whenever a rally occurs during the day's doldrums we've come to call it a noon balloon. It can however happen at any slow, midday hour, not just 12:00PM. These are tough to game as they usually come at a time of day when volume is thinnest. This presents the problem that they can end just as quickly as they began. A close relative of the noon swoon.

Fancy Way to Say: Midday Sell-off Whenever a sell-off occurs during the day's doldrums we've come to call it a noon swoon. It can however happen at any slow, midday hour, not just 12:00PM. These are tough to game as they usually come at a time of day when volume is thinnest. This presents the problem that they can end just as quickly as they began.