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Fletch and Sketch

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Arnold Babar, John Cocktosten, Don Corleone, Jane Doe, Gordon Liddy, Ted Nugent, Mr. Poone, Dr. Rosenrosen, Egor Stravinski and Harry S. Truman all just filed into our office for a steak sandwich (and a steak sandwich) and to get a midday read on the action. Howdy fellas, and thanks for stopping by. I know you all must be schvitzing about the morning rally but please remember that we're still tickling up against triple resistance. We're testing it...but until we break above these seminal levels, resistance is resistance.

Meanwhile, the Underhills point our attention to the bond market and its insane volatility today. Bonds have never been my bag, baby, but I am watching their movement as it will affect my equity trades. As a matter of fact, they just popped a bit and the Spoos came off (read: S&P futures came for sale) in tandem. I haven't sniffed anything out yet, but I've got my nose to the ground. The only thing I've found thus far is a jackknifed manure spreader on the Santa Ana. You should see my shoes!

From a pure trading standpoint, I suppose you needed to see some panic on the buyside (off the lows) IF (big if) there was going to be a pullback today. It still early and we have a lot of trading left to do today-but from Boo's point of view, thus far it's scripted. I'll tell you one thing...if the street is half as tired as I am right now, they're likely doing less.

What kind of name is Poon, anyway?

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.

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