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Random Thoughts

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...watching the emerging markets and global tells as clues--and you should too.

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  • S&P 1400 and S&P 1425 are the expiration magnets (from an open interest standpoint). Gun to head, we touch the bottom tag first.

  • "Take a look at this chart of the SENSEX index. The one in Bombay, India. Note that it broke first in May. The trend line is broken but still above 50 day. But for how long? Can this be a precursor to a correction here? I think we need to watch Brazil closely here today. If it follows suit, the odds of a correction increase IMHO. And Minyans, my opinion truly is humble." Professor Bennet Sedacca on today's Buzz.

  • I opined in my opener that Ecuador didn't "matter" yet because Brazil was at an all-time high and the financials were dry and drier. Fair nuff. Then I saw Bennet's Buzz on India and my nose started scrunching. Again, I'm not smart enough to know if Ecuador is pure noise or an insightful "heads up" but I'm watching the emerging markets and global tells as clues--and you should too.

  • Speaking of the financials, Goldman is listening to some chin music today. Slaino and I were talking about how GS has become the most important "tell" in the trading universe and when Slaino speaks, EF Hutton listens.

  • BKX 115ish, flagged this morning, is officially under assault. This would be an all-time high and whether or not you "agree" with it should have nothing to do with the respect you should give it.

  • Keep an eye on HGX 240, which is a 50% retracement of the drop from July 2005 to August 2006. We touched it last week (and thus far) failed. It would not surprise me if that level caps O-dog for the rest of the year.

  • Iverson a Knick? Hey-it could happen, particularly as it would give the Garden a much needed draw.

  • Market internals are hanging 3:2 positive. Constructive, but far from the 2:1 stance necessary as a "tell."

  • I finally bit the bullet this past weekend and waltzed into Best Buy. Chez Harrison will be HDTV Plasma-ized by this time next week so, if you need to find me on any given Sunday, you'll know exactly where I am.

  • Wasabi! Can Japanese style inflation arrive in the US of A? Minyan Mish sniffs it out with Paul Kasriel.

  • "We would note that only one of Barron's strategists (Abby Cohen) suggested lower yields on the 10-yr than the current level, and if history has ever suggested a fading of the consensus, it is in fading their DIRECTION (not magnitude) on interest rates." Lehman Strategist Jeff DeGraaf.

  • Is anyone else looking forward to a new season of 24?


R.P.

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Position in Financials

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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