Rallies INTO earnings typically discount good news.
The Autumn Wind is a pirate
Blustering in from sea
With a rollicking song he sweeps along
I'm sure that my Jet fan buddies expect me to rub salt in their wounds this morning but...it's not gonna happen. The Raider Nation will accept nothing less than the Vince Lombardi trophy this year and, until Tim Brown has his ring, I'm not going to celebrate. One down, two to go boyz...just win, baby!
Redeye flights are always joyous experiences but, as they say in trenches, if you're gonna play, ya gotta pay. I powered up my system this morning to find a firm Europe and some jiggy stateside futures but, after the way they closed 'em on Friday, that can't come as a shock. The question now becomes: if this is the "pop," can the "drop" be far behind?
We've been discussing the looming breakouts (particularly in the banks) and it's become increasingly obvious that these levels need to concede before Boo will capture his honey pot. With a handful of catalysts looming this week and the news likely "ok," our dilemma becomes a "trading thing." In other words, if Intel (et al) say that business is "fine," will the street sell the news?
This morning's flow includes JP Morgan downgrading DELL and lowering numbers INTC, CS First Boston punting MOT and upping QCOM and cautious comments out of TXN. Meanwhile, Steve Case is heading to the golf course (probably his own golf course) and AOL is indicated higher as a result.
I've got to run into this morning's meeting but, before I go, I'd like to throw a shout out to Raider Marc, Raider Leslie, Raider Max and Raider Em--you've once again humbled me with your graciousness and I can't thank you enough. I'm looking forward to firing up that spiffy grill and roasting some Titans this weekend!
See you after the opening.
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 firstname.lastname@example.org.
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.
Daily Recap Newsletter