Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Dollar Bills


When you see me sportin' my bikini, Toddo, you won't be lactose intolerant for long!


Money, it's a crime
Share it fairly but don't take a slice of my pie
Money, so they say
Is the root of all evil today

(Pink Floyd)

The White House rode in on its white horse and said they supported a strong dollar policy and, from the looks of the price action, they caught the currency traders flatfooted. For those of you with intraday charting capabilities, pull up a dollar/yen chart and take a look at that spike. Man, you think Ari Fleischer woke up some players? Ya think?

The equity market perked up a bit on the news but, by and large, it remains drifty and lethargic. The first attempt at our triple-lindy resistance zone was met with supply but, from what I can tell, traders are still making the upside bet. Case in point? An institutional gorilla has accumulated over 70,000 QQQ December 26 calls this morning. Now that's a schnitzel!

In addition to this "punt" to the upside, I've also seen multiple seven figures SMH (semiconductor holders) and QQQ being bought. Now, there's two ways to perceive this flow and, as always, beauty is in the eye of the beholder. Typically, when I see pervasive flow "one way" by the institutions, I view it as bullish (the big boys are buying). When I see hedge funds playing hot potato and trying to squeeze their friends, however, I am a bit more suspect-particularly with year end looming and expectations high. Just thinking out loud as I walk the path along side you.

The internals have been slipping a bit but there's still a lot of trading left in the day. My eyes are shifting between the macro influences, the retailers, the semis, the financials and the levels above-and I wonder why I'm so nutty! I really am beginning to feel like Geoffrey Rush in Shine! Speaking of movies, I took a break last night and saw the Spike Lee premiere of 25 hours and I'll tell ya, it was alright. Hey, anytime you can watch Tony Siragusa talk with a Russian accent, that's worth the price of admission right there!

I know I'm going to miss my critters (and the readers) when I take my two week respite but I'm making a concerted effort to practice what I preach. There's something about this business and something about New York City-if you're not careful, you'll wake up in 10 years and wonder where the time went. I remember a moment last September when a good friend from Cantor Fitz cajoled me because I was too busy to grab a beer with him...and I laughed it off as a matter of course. A week later, he was gone-and I've thought about the finality of that decision ever since. You never know what tomorrow brings, my friends, so live for today and enjoy the good things when you can.

Hope this finds you well.


< Previous
  • 1
Next >
position in qqq

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

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.

Featured Videos