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Morning Randoms

By

Careful Minyans, it's slick out there today...

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It's a drizzly day in Gotham as we step off our stump for a hike up the Hump. As the critters are playing a bit of ketchup, we're gonna invoke our creative liberties and shun the literary fun for a spate of morning Randoms.

  • Keep an eye on those saucy semis on the heels of Prudential's punt of the sector. With the chip shtick down 10% in the last five sessions, all eyes are on the 200-day support at SOX 433. That synchs with the broader tech tape as the NDX tickles "last grasp" support at its 200-day (1533).

  • The weekly Investor's Intelligence survey finds bullish sentiment fell to 45.8% from 49.5% prior, while bearish sentiment climbed to 29.2% from 27.8% prior. The lean isn't as lopsided as it once was but it remains a far cry from teary eyes.

  • "What we don't do is critical. It is the missteps that kill us." Sun Tsu

  • "Todd Harrison, founder of financial Website Minyanville.com, said stocks could be reacting to concerns about a weak holiday season as consumers, hurt by high energy costs and record debt, cut back on spending." The market is a discounting mechanism," he said. "If there are going to be higher heating costs, and if the consumer is going to get crimped, that's going to price itself into" the stock market now." Wall Street Journal Online, October 11th, 2005

  • A special announcement from Professor Fari Hamzei: We are indeed extremely honored as we announce that Larry Williams, the gifted commodity futures trader, has graciously accepted our invitation to join us in our Chatroom on Tuesday, October 18th, right after the close. Larry will discuss his latest technical indicators for the Commitment of Traders Report (COT) before taking questions from the participants.

  • Sunday. October 23. Football. Minyans. NYC. Festivus.

  • More than $88 billion of U.S. corporate debt is teetering on the edge of investment grade and soon may join the record amount of bonds downgraded to junk this year, according to Bloomberg News.

  • It's great to see Tickle Me Tuttle back in the 'hood.

  • As it stands, the stage is set--S&P 1200 and NDX 1550 above, S&P 1183 and NDX 1535 below. The longer we muddle between those two zones, the more likely it is that we're churning rather than basing (negative).

  • Is anyone else very proud of the Minyanville community for raising over $50,000 for hurricane relief? Consistent with the Ruby Peck Foundation Charter, that money will be donated to restoring educational efforts in that region.

  • "We are very active traders, given our volatility book that constantly needs re-hedging. We are always offering and bidding for shares. This may or may not have any validity, we will have to see. But I will tell you the market in general is very heavy. Our offers take time to fill, but our bids are quickly satisfied." John Succo on yesterday's Buzz.

  • Duke & Duke, which slipped through trendline (from the May lows) yesterday, is grasping to the former acne at XBD 173.

  • It could get thin and whippy as we edge towards tonight's (and through tomorrow's) Jewish holiday. Please remember to put limits on those orders to avoid unwanted fills. It's a good habit to get into if we are, indeed, entering a period of increased volatility.

  • And, yes, I will be out of the 'Ville tomorrow in observance of Yom Kippur.

  • An apple may not fall far from the tree but Apple could shake today's trading tree. The reaction to last night's "good not oh-my-goodness' report begs the question of how the lousy earnings will be digested.

  • With fresh '05 lows becoming a bit of a daily occurrence for the banks, please keep JP Morgan $33.30 on your radar as it's a triple bottom for the banking behemoth.

  • Minyan George Hill, when asked "what ye want?" after winning yesterday's trivia, responded "S&P 1150, Raffy and his like to fess up, Schilling to shut up, Manny to the Mets, Damon to the cubs, more pitching, sincerity from those in power, embarrassment to Machiavellists., continued success to you, more Bernie Williamses and Jason Varitechs less Gary Sheffields and Barry Bonds, more Minyans less gurus, freedom without limitations just consequences and most of all...peace, love and understanding. Now, if those damn hippies hadn't thought that not voting was the ultimate expression of anti-authoritarianism we would have elected Humphrey instead of Nixon in 68. Please excuse my Susan Sarandon moment"

  • Hit 'em hard Minyans and have a good day!


    R.P.
position in jpm

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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