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Young Bankenstein!

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"Pork Bellies. I knew it!"
--Louis Winthorpe III, Trading Places


The morning flurry begins in a hurry as everyone (and their sister) keys off the piggy banks. Between the Bear Stearns downgrade of Bank of America (BAC:NYSE) and the "iffy" composition of the Citigroup (C:NYSE) earnings, the BKX opened 5 handles lower. After a quick snap of the porcelain trap, the averages edged back to the black but, as we know, this group will continue to lead the stampede (both ways).

The early action continues to digest the post-expiration hangover as traders "square" their tertiary exposure. I've also heard some early rumblings of asset alligators (out of stocks) but I can't confirm those claw prints. The breadth and our leadership sectors are mixed (to slightly lower) and I'm watching Friday's low in the S&P (1036) as initial support.

Also, so you know, Daisy is actively working to default the spooky music to "off." The critters snuck into the office and set up the holiday decor with the best of intentions but, as I told them, it's a little annoying while we're trying to trade. It will be fixed shortly. Thanks cowgirl!

I'll be back.
position in bac

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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