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Bipolar Tendencies

By

Banks a lot!

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I've been first and last
Look at how the time goes past
But I'm all alone at last
Rolling home to you


(Neil Young)

Alright, I think I've heard every possible comment on the picture at the top of the page. Yes, it looks like Dylan from 90210, no, I don't have that much hair and no, you can't actually see my cheekbones anymore! But let me ask an honest question: If you could have a cartoon render of yourself, wouldn't you take some creative liberties? I mean, I can eat all the Brent & Sam's I want, skip the gym and never age. Excellent!

The tape continues to wishbone and you get the sense that the S's will pull the N's up or the N's will pull down the S's. The banks are starting to act perky and they're now directly challenging the semiconductors for "top tell" status. I haven't heard any stories coming out of the financial conference but moody Junior is making the calls and sniffing it out. Meanwhile, the S&P internals have edged back towards a more neutral posture as the techs continue to lag. If you want to see this tape in a nutshell (no, this is me in a nutshell), pull up KLAC and Citigroup and watch them trade side by side.

Looking forward, the Intel mid-quarter update is the bogey on the horizon and that, along with CS First Boston's tech fete, will dominate tomorrow's headlines. We'll also get a decision out of the E.C.B before tomorrow's opening (expectations are for a 50 bip snip) and that will likely set the tone for the European bourses. Finally, for all you retail players, same store sales will be released tomorrow morning and that should help shape the holiday shopping season psychology...although Minyanville retail sales will not be included.

With regard to the disclosure issue, I wanted to circle back to a discussion we had yesterday. It's important that you understand that we operate with a large portfolio of stocks and, while the old disclosure bias indicated whether we were long or short a particular vehicle, it was quite possible that it was part of a larger trading strategy (ie-a hedge).

In other words, it is our view that offering the 'side' of a trade often gave the wrong impression to readers who were looking for "direction" via the disclosures. You'll always know whether I'm involved in a name-and hasn't changed-and I'll continue to use the costumes as a metaphorical representation of my (humble) trading posture. We're simply trying to alleviate any miscommunications and be as honest as we can with the readers. Besides-it's out of my hands at this point so please work with me on this.

For those who were wondering if Bucky broke, the answer is a resounding yes and when the fries arrived, his hands were moving faster than Roy Jones Jr.! I'd love to tell you the rest of the story, but I've gotta toss my other hat back on and move some merchandise.

Hope you're kicking some proverbial tail!

R.P

positions in ndx,spx, c, intc

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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