Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Stephen's Greetings


Denial is a river in Egypt!


Stephen prosper in his time
Well he may and he may decline
Did it matter? Does it now?
Stephen would answer if he only knew how

(Grateful Dead)

The morning flurry is intense and blurry as crosscurrents whip through Minyanville. The early traction is impressive, particularly given the meltage in Caterpillar (CAT:NYSE) and slippage in IBM (IBM:NYSE). The former has been flying high on hopes of a continued cyclical recovery and the latter on whispers of a pickup in investment technology spending. Both disappointed (relative to expectations) but thus far the market is in Shruggsville.

There was clearly some early pressing (on the heels of earnings) and the initial snappage may be a direct result of that (covering). The inability to smoke 'em is one of two things: a lack of motivation by the sellers or denial in the bull camp. Perhaps it's both (likely) as upside habits are hard to break. Still, I think that once this choppy action abates, the Minx is gonna get Wrigglied.

Is that today's business? A quick check of our daily tells has winners trumping losers 3:2 and our mainstay sectors clinging green. To be sure, the ability to brush off bad news is the sign of a strong tape and if she can persevere, it'll bode well for young Hoofy. With that said, the day is but an hour old and it's entirely too early to draw conclusions (or pictures). Watch S&P 1050 as we edge higher and understand that it's quite emotional out there.

What have I done today? Pared some of my front month punts (that kicked in) and nibbled on some more "cheap" November paper (both sides but skewed to puts). I "think" Boo can build shorts into further strength (S&P 1050-1070) as long as he's defined and disciplined. THE question, in my mind, is when the psychology shift takes place (regarding the recovery). If a few more big shots "don't see it," chances are it may turn the trick.

As always, I hope this finds you well.
< Previous
  • 1
Next >
position in cat, spx

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

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.

Featured Videos