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Random Thoughts

By

Walk tall and carry some steady discipline...

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  • YOU tell her...

  • As many mutual funds end their year on November 1, expect further posturing and prints through the end of next week.

  • The highlight of the left coast swing? It wasn't the look on the faces of the folks across the table when Hoofy and Boo came to life (although that was awesome). It wasn't the weather, which was a torrential downpour from touch down to take off. And it clearly wasn't the red eye home this morning, snuggled between two rather large individuals on JetBlue (JBLU). It was, without question, the Albert Pujols style come-from-behind rock-paper-scissors victory over President Fish. The stuff of legends...
  • Please note that the S&P 1174 level that the Horse has been eyeing has played tetherball all morning. While alotta folks are keying on that area, my eyes keep migrating to S&P 1168ish (October intraday double bottom). If I were a sell-stop, that's where I would call home.

  • Risky Business.

  • Zat iz not my dog!

  • Why do I focus on the internals as an intraday tell? Because they usually work when skewed hard in either direction. NYSE breadth, which was as bad as 4:1 earlier, is currently 3:1 negative.

  • Swan Song!

  • It's interesting (for lack of a better word) that Wilma is supposed to be the biggest, baddest mama yet and the CRB is down on the day.

  • Ben Bernanke's wall paper.

  • With expiration around the corner, traders could be bowling for pins in the S&P. There appears to be large open interest on the put side at S&P 1180, 1175, 1170 and 1165. If dealers are, in fact, short these puts to customers, they'll have to sell stock (to hedge) if/when the Minx edges closer to those strikes (and the delta increases). Just a heads up before we get McCracken!

  • T-minus four days until the Super Sunday Minyanfest!

  • The weekly Investor's Intelligence figures show a slight drop in bullish sentiment to 45.3% from 45.8% prior and an increase in bearish sentiment to 29.5% from 29.2% prior.

  • There's hope for Meehan yet!

  • "For the first time in a long time we're finally seeing more net new buy signals than sell signals across the board today. The SPX ability to hold above the 1168 area so far this morning was key in Snapper's first lift. As I mentioned yesterday, the percent of stocks on the SPX and NYSE above their 50-day moving average has reversed up so that gives further credence to a move higher here. Is it tradable? Absolutely. Depends largely on time frame, however. The longer-term context remains negative and I still believe risk/reward favors selling rallies over buying dips. " -- Pepe Depew on today's Buzz

  • Lest we forget, there are a ton of expiration related mechanical crosscurrents in play under the surface. You don't need to see 'em, cookie, you just need to respect that they're there.

  • Cold, hard facts.

  • White light and prayers to my brother JB.


    R.P.
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.

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