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Random Thoughts

By

Short weeks throw off the Hump Day!

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  • How much is that MaGoogle in the window?

  • "Let's see, the DJIA is up 1.16%, but the Dollar Index is down 1.53% so the foreign investor has actually lost money today. Indeed, where you stand is a function of where you sit." Jeff "As Good as it Gets" Saut (on the heels of yesterday's rally)

  • Will I ever be able to hop from "H" to "J" without thinking of the letter "I"?

  • For what it's worth (and it may not be much), I think the yield curve inversion has lotsa room.

  • Please note the NYSE breadth has been sticky green (2:1) all session as the S's try to put 1275 underfoot.

  • Keep an eye on Citigroup (C) as it edges through the tight channel that is $48-$50. When this breaks (either way), the tape will likely follow.

  • There's a FULL MOON tonight!

  • How high do the airlines have to trade before they take the "warm nuts" restrictions off?

  • Merry Hiss Miss?

  • "The laws of thermodynamics state that no energy is lost in the universe, it just transforms. The financial markets are a system like the universe, albeit much different, but a system nevertheless. A positive effect on one aspect is usually a negative one on another. Let's look at stock prices and corporate spreads. Brian points out consistently that tight credit spreads are good for stock prices. This in my mind is a coincidence correlation: at some levels an increase in liquidity is good for both. But interestingly that liquidity on the margin begins to work against itself. Due to high liquidity, companies have been buying stock back. This is the last thing corporate bond holders like to see: the spending of cash on buying stock. They would much rather companies pay down debt with that cash. So corporate spreads may widen if the market senses that too much liquidity is going into stocks versus bonds, thus widening corporate spreads and hurting stock prices. It is all connected." -- John Succo on today's Buzz

  • I gotta think the Horns have a chip on their shoulder but I'm not sure it'll matter.

  • Meanwhile, in the media mix....

  • Does anyone else get the sense that Iran is gonna get messy?

  • Keep on eye on General Electric (GE). As Larry David would say, $35 is pretty, pretty, pretty, pretty, pretty, pretty important from a technical perspective.

  • No Toga for me, thanks.

  • The weekly Investor's Intelligence survey shows a drop in bullish sentiment to 55.7% from 60.4% prior while bearish sentiment climbed to 23.7% from 20.8% prior.

  • Discipline over conviction.


    R.P.
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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 todd@minyanville.com.

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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