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Random Thoughts

By

Look alive, Minyans!

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  • The Ruby Peck Foundation, in conjunction with Minyanville, is pleased and proud to announce that the all-star guitar auction will begin on December 7th. It's been a long time coming, I know, but we'll get it done and it'll be done right.

  • Al-Zarqawi chatter gets loud on the Street.

  • The pop & drop scenario is starting to crystallize in my crowded keppe. Once (and if) we take out S&P 1250, there will surely be a spate of technical buying (and a lot less bears in the hood).

  • "Strength tends to beget enthusiasm, and as such our MSI has fallen into "overly optimistic" territory. Notable is the change on the NDX with regard to the CFTC's Commitment of Trader's data. At the commencement of this rally, hedgers were best positioned to gain from an advance, while large speculators held their largest net-short positions in history. This latest rally has brought a change in attitudes, with hedgers effectively selling their long positions to newly positioned net-long speculators. This change is not unusual, nor has it reached dangerous extremes, it does however, underscore the ability of investors to quickly shift their thinking, and will likely become a problem as this rally continues." -- Lehman technician Jeff DeGraaf

  • What a prick!

  • "Boeing (BA), on the heels of news Sunday of $4.6 B in 787 sales, is testing important resistance here today. A move to 69 would break a triple top. And note that the PHLX Semiconductor Index (SOX) faces important resistance at 485. " -- Pepe Depew on today's Buzz

  • In Flow's Diner, We've seen a size buyer of American Tower (AMT) Jan 30 calls today.

  • He's very lucky that I was otherwise occupied!

  • We're picking up more and more chatter regarding the outsized open interest in December S&P puts (dealers are short puts and short futes against them--negative gamma that has the potential to exacerbate the rally).

  • The financials are laggy anew. It's a bit early to tell if this is a healthy rotation (as they work off their overbought condition) or the first sign that the recent rally is starting to tire (the piggies led us higher).

  • The trek to .500 continues!

  • The CD of the day.

  • I'm traveling to Mackeville on Wednesday night and will use the plane time to scribe my annual "Minyan Thanks" column. Despite the daily frustration we collectively share, there is a ton to be thankful for. And I am, each and every day.

  • Hat size alert! The VXO is off a deuce (2%) and staring at single digits.

  • The new and improved Minyanville digs are almost complete and suffice to say that it's a considerable uptick to our current site. I'm not supposed to talk about this (I've been given strict orders) but I'm finding it hard to contain my enthusiasm. Tick by tick, brick by brick and Minyan by Minyan, we're building something special in the 'Ville. Thank you kindly for being a part of our family.



    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.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

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