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Cheap Trick


Good luck Minyans!


I don't know how it happened
It all took place so quick
But all I can do is hand it to you
And your latest trick

(Dire Straits)

Well alrigtee then, I'm back in the 'Ville. It's funny (not like a clown), but fourteen years in this business and I can actually count on one hand the number of times I've left my desk midday. In a world where passions and plights intertwine, a step away from the fray often provides perspective. Lunch hour? Not on a bet...but staring at these (8) screens for twelve hours straight will drive ya batty!

A few observations as we round third and ready our speakerphones. The big board breadth is much better than OTC land as profit taking and pre-Microsoft (MSFT:NASD) manicures are trimmin' the four letter freaks. Harry Potter & Co. will report after the close and it'll be the last gorilla to spew (before Chambo takes the baton). Could they rock the (one sided) boat? Sure--they've done it before...but as you might have guessed by now, not many people are assigning a high probability to that.

As Succo and I rode to our midtown mindmeld, we sat silently and listened to the business news on the radio. Price (and performance) validates opinion, of course, but the one-sided nature of the commentary was mind boggling. It's one thing to have a view but another thing to mock those who don't subscribe to your vantage point. To be sure, the overwhelming consensus is that Boo is the village idiot and that's his cross to bear until he can muster a gang buster.

With that said, my daily scan produced a bevy of breakouts. Johnson & Johnson (JNJ:NYSE), Citigroup (C:NYSE), General Electric (GE:NYSE)...these aren't small mom and pop operations, they're some of the biggest companies in the world. If this is a market of stocks and not a stock market, that acne must be noted. As the semis have reminded us, however, technicals are but one metric in the bigger trading brew. In other words, charts dont lie but there's always fib potential.

Tonight will wrap up the lion's share of the earnings fair and the news has been solid. The offset, of course, is determining how much of that is already discounted at these levels and what the potential is for a continuation of the acceleration. Thus far, the digestive action and rolling (intramarket) rotation is healthy and that, coupled with the technicals, have scared most bears back to their caves. It stands to reason that when the ursine party finally starts, the hosts will be in the bathroom.

I wanna get this out to you before the bell so lemme hop. I sincerely hope you're all managing this Minx and maintaining the perspective necessary for longevity. Money is a ways to a means, not a means to an end. Trust me, I've been on both sides and while one is surely more fun than the other, your entire world should not be dictated by the bottom line. That, quite simply, is the definition of "living to work" and may be the single worst trade out there.

Have a peaceful night.

Position in qqq

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.

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