Todd Harrison: Juan Pablo and Fresh All-Time Highs

By Todd Harrison  FEB 28, 2014 10:54 AM

Investors embrace yet another new paradigm.


Editor's Note: Todd posts his vibes in real time each day on our Buzz & Banter where subscribers can follow over 30 professional traders as they share their ideas in real time. Want access to the Buzz plus unlimited market commentary? Click here to learn more about MVPRO.

It's Freaky Friday on Wall and Broad, with butterflies and moonbeams in short supply.

With the S&P 500 (INDEXSP:.INX) breaking out to fresh all-time highs yesterday, the mood on the Street -- Wall Street, anyway -- is borderline giddy. Or, as my friend Josh Brown summed up in what may well be my all-time favorite column of his, Everything Is Awesome.

And it is awesome, if you closed your eyes at any point since March 2009 and rode the market higher.

While there is ample debate on the "why," the "what" speaks for itself -- and it's speaking loudly. As I wrote last Friday when I looked around and looked within, price is the ultimate arbiter of variant financial views.

We've been all over S&P 1850, for obvious reasons. Hands over ears and eyes wide shut, as long as the bulls hold that level, the pattern "works" toward the S&P 1960s. You can agree or disagree but that's what the chart is telling us, speculative excess and societal acrimony be damned.

You know it won't come easy. Yesterday, I punted some S&P calls and violated one of my own principal rules: Never let an opinion get in the way of making money. I have a bad habit of over-thinking the market at times, or what used to be known as risk management.

Maybe I'm just showing my age; I'm old enough to remember things like the business cycle and silly enough to believe that bad news might eventually matter.

But this time is different.

China is fidgeting with its currency and nobody seems to mind.

Citigroup (NYSE:C) guides lower and the stock trades higher.

Tesla (NASDAQ:TSLA) issues a covert after rallying 130% in three months, and there are buyers everywhere.

I can't help but think to myself, what would Juan Pablo do?

His guess is as good as mine.

Random Thoughts


Twitter: @todd_harrison

No positions in stocks mentioned.

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

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.