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The Jig Saw

By

May peace be with you!

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You can see the summit
But you can't reach it
It's the last piece of the puzzle
But you just can't make it fit


(Howard Jones)


The afternoon croon is singing its tune as the Hoofy downs shots at the minxy saloon. Call me crazy (please don't) but I'm having the strangest sense of vuja de. It's like we've been here before but never thought we'd see it again. It's a mini-me jubilee and it's on the screens for all to see. I'm not sure if our resident bull is wearing rose colored glasses or beer goggles but, either way, he's already seeing triple (digit gains) in his head!

While the major averages are (thus far) on either side of unchanged, the action is (once again) under the hood. Telecom continues to attract fire flies as traders gather 'round to hear the ghost stories of yesteryear. The group was left for dead but the bovine séance has lifted the spirits (and shares) of that entire food chain. The pace of the race is mind boggling but, alas, we've seen this movie before and at the end of flick we'll likely find more debits than credits.

The semis have gravitated to our magical level and seem intent on doing work there. As it stands, they've broken out but, allowing for wiggle room, it's still too close to call. I've seen both real and fast money involved (read: institutions and hedge funds) but I've also picked up some long selling into strength. I know sale is a four-letter word these days but I'll always tell ya what I'm seeing.

The major theme remains the rotation out of consumer type sectors (homies and retailers) and into the capital investment arena (see above). Call it gravitation, levitation, frustration or mast....never mind--the point is, the action is pronounced and it's coming to a head. Again, an intramarket rotation (and sideways basing) is the healthiest of options for Hoofy's heroes but he may strain his arm patting himself on the back.

Traders are starting to chat up how "huge" tomorrow's numbers will be (no edge) but I'll remind you once more that playing an economic catalyst is convoluted. I wouldn't be shocked to see a "pop and drop" although today's close will influence tomorrow's initial trading. With that said, the panic portion of a trading phase--even in a shorter-term cycle--can last longer than one might expect so be sure to factor that into your risk profile.

In what might be the closest poll in Minyanville history, Pete Rose was narrowly denied access to the Hall in today's poll. His athletic supporters are demanding a recount but the readers have spoken and it's duly noted. I see both sides of the argument but I erred to the side of judging him on his achievements. Do I think he should be allowed to manage? Not on a bet (sorry) but Charlie Hustle had some muscle.

That's about it from the Minyan ship as I jockey and juggle towards the closing bell. For those Minyans attending Steve Starker and his Bass Brethren tonight, I'll see you there. As for the rest of ye faithful, good luck tomorrow and make sure you enjoy the down time this weekend. And think positive. Net worth is good but self worth is always better.

Fare ye well.

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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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