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That's My Pie!

By

This is my type of tape!

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I was a lonely teenage broncin' buck
With a pink carnation and a pickup truck
But I knew I was out of luck
The day the music died


(Don McLean)


The morning tide continues to ride and the greenback (thus far) stopped its slide. I've gotten alotta feedback on whether the ECB is, in fact, intervening. Some smart hedgies are tellin' me it's true but savvy European Minyans I speak with are discounting it. One thing for sure, the dollar firmed, gold gave back its gains and once that happened, equities found a bit of traction.

Other than that, it's fairly quiet as we edge through the muck anew. Breadth is even, Steven, and most of our mainstay tells are plus/minus. We all know that S&P 1150 looms above (50% retracement of the entire bear scare) and, as with all "obvious" levels, the gamesmanship has already begun. How (and if) we get there will likely influence its impact so let's wait and see on this one.

The nonstop Hoofy hop is impressive and continues to weed out the bears. Psychology is a funny thing, particularly when it comes to a herd mentality, and the consensus (of further jig) is growing each day. The constant reassurance from Elmer, Dubya, Wall Street and Snapper is helping the cause and frustrating the peanuts out of Boo. Remember Mr. Bigglesworth? That's the new Boo--hairless, careless and soon to be dareless.

In Minyanville news, I want to thank trader Mark for his generous (and unexpected) pledge of $20,000 to the Ruby Peck Foundation for Children's Education. Gestures like that are truly humbling and reinforce my belief in what we're trying to accomplish. The greatest tribute I can offer my grandfather is to help kids and give something back. With guys like Mark, that dream has become a reality.

As always, I hope this finds you well.
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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