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Ambien Transients

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May peace be with you!

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She said why don't we both just sleep on it tonight
And I believe in the morning you'll begin to see the light
And then she kissed me and I realized she probably was right
There must be fifty ways to leave your lover


(Paul Simon)


A sleepy slow session has greeted the week as we tip-toe our way through the minxy mystique. With the Spooz snoring through a four-handle range, the action has been sector and situation specific. The semis and retail are both sportin' percent gains while energy, biotech and the metals are giving up some of their recent love. And all the while, that dripping sound you hear in the background is the rain of premium pain as November paper gets set to expire.

I wrote on the Buzz earlier that the ability not to trade is as important as trading ability. That's easier said than done while sitting in front of the flickering ticks as we're conditioned to perceive most situations as actionable. One of the hardest lessons to learn in this business is to maintain intensity when doing less or nothing at all. Focus and stress are not one and the same, Minyans, and you'll likely add years to your career if you can separate the two and channel your efforts.

Along those lines, I'm not sure there's much to add as I scribe my vibe. We're still extended, although a prolonged slither will help to alleviate that condition. The "long squeeze" remains in motion, although we must respect the price action without deferring to it. Shorts are few and far between, although that skew can exist longer than most expect it. And, between the MarketWatch (MKTW:NASD) bid and DreamWorks (DWA:NYSE) IPO, a collection of critters are anxiously awaiting their day in the sun. All good things in all good time.

Contra-hour has come and gone and all eyes are on the third base coach as we ready to race home. My favorite tell (C:NYSE) has been for sale all session but the quack count isn't lining up behind it. Breadth remains balanced, beta is still bid and the corrections are rolling rather than roiling. In fact, I haven't seen a motivated seller since my gym membership was up and a trainer pointed to my pants! Still, please remember that expiration tends to exacerbate volatility (both ways) and that could make things interesting as the week edges on.

Fare ye well into the bell and have a peaceful night.

R.P.
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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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