Random Thoughts: Welcome to the Grand Illusion

By Todd Harrison  OCT 01, 2008 9:45 AM

Yesterday's rally came as a surprise to many.


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 Where We Are and Where We're Going.

So how YOU doin'?

I take one day away from the fray to observe the holiday and what shot does Hoofy up and pull? Only one of the biggest one day rallies in recent memory. Man, you can't turn it off for a second, eh? As that was then and this is now, it's incumbent on us to keep fresh tabs on where we are and where we're going.

We mused on Friday -- in the midst of the hopeful bailout bid--that the path of maximum frustration could well include a straight down drop that trapped those looking to sell into the Monday run. That script, in my mind, included S&P 1080 and/or VXO 70. The tape ended the session at S&P 1108 and VXO 55.

If I were strapped into my turret for Turnaround Tuesday, I woulda thunk a probe lower might satisfy those targets but alas I wasn't and it didn't. Trick or treat--starve or eat!--as agendas played through into quarter-end.

With October upon us, there is a LOT competing for mindshare. So, without further adieu...



Position in SPX

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 todd@minyanville.com.

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