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Snake Pit

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I resemble that remark!

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And it's not like I'm leaving you lonely
'Cause I wouldn't know where to begin
But I know that you'll think of me only
When the snakes come marching in


(Grateful Dead)

Another day is underway as the critters frolic in the fray. The early screens are full of green but there may be bears that lurk unseen. The mad dash higher was a function of a giddy analyst community and a plethora of futures buyers. The first half hour (or so) is always noisy--this we know. Now, it gets a tad more interesting.

I've been eyeing the breadth (during the pauses) and it's still pretty suave. Between that, the sassy semis and firm financials, Hoofy may throw another log on the fire. We spoke of potentially "relaxed" risk parameters heading into the new year. That may mean that traders are willing to "go for it" a bit...but it may also mean that the complacency shadow lurks larger.

Potential flies today include the homies, biotech, retail, the greenback (yawn) and further gold jig. I would also assign some buzz to the "intangibles" that have emerged anew. Elmer taking a victory lap? Brazen bulls beating their chest? A universally accepted economic boom cycle? That's a recipe for disappointment (and humility) so while you may think we're ripe, I wouldn't believe the hype.

S&P 1118ish (Friday's high) remains the nearest term resistance as we wade our way through another day. Also note the gaps anew (from today's higher opening) and if (big if) we start to slip, they'll likely fill in a hurry. Just a few levels to note as we find our way. Tread carefully--it feels kinda funny. Kinda like that rope in gym class.

Has anybody seen Fokker? Last report, he was seen stalking South Beach in a red Speedo. Bad visual, I know, but we gotta take the shot while we can. As always, I hope this finds you with some jingle in your jeans.

I'll be back.
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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.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

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