Heads up Minyans:
The chatter on the street is that mutual fund redemptions are hitting the market en masse. As I don't handle customer flow (any more), I obviously can't confirm or deny this. Still, that's what traders are saying and I wanted to make sure you heard it.
Watch S&P 1035 (the 50-day)...it's that big. I'm also hearing there is a bid vaccum--I'm actually being told that there's bid wanted situations at some of the larger shops. That's either very bearish or very bullish.
Be careful, Minyans, and fare ye well.
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 email@example.com.
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