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Power Play

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Maybe it feels like the tip of the iceberg because I've been so cold?

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"Why does he bother to dig a slug out of the wall when he knows there's already another one stuck in her head?"

--Det. Seth Frank, Absolute Power


The lunch crowd cloud is settling in as the critters wonder where to begin. Emboldened by this morning's IM chat popularity, they've been pounding the keyboards like a chicken cutlet. Big brother (or, in this case, big Minyan) has been watching and picked up the following exchange:

RedDyeRunner: Look at the action in the mortgage lenders and home builders. Can anybody say "tip of the iceberg?"

MatadorMaster: You would think that it would spill the tape, right? But, as with the retailers and semis, the Minx simply rotated risk into other sectors. Lately, energy and the cyclicals have benefited from the rotation migration. Pretty standard stuff, really.

RedDyeRunner: I have three words for you: rope-a-dope. Or is that one word? Don't matter--the bottom like is that the market is gonna punch itself into a state of exhaustion.

MatadorMaster: Do you really think that after eight months of juggling, Elmer is gonna shake the tree with three weeks left in the year? Come on, where's the conspiracy theorist I've grown to love?

RedDyeRunner: He didn't mean to trip during the summer either, did he? The market will ultimately call his bluff, Hoofs, and when he gets down to his last bullet, the gun will be pointed at himself.

MatadorMaster: You've been saying that for a while, Boo, and it's clouded your vision. Look, with so many levels floating nearby, you don't have to draw that line in the sand. If you're bullish, you can lean against S&P 1060 (NDX 1400). If you're grizzly, you can lean against Dow 10,000 or S&P 1075. If you're unsure, you can sit back, watch and await a better edge.

RedDyeRunner: I know one thing--it's gonna get nutty (and thin) once Elmer speaks. Regardless of your posture, it would be smart to put limits on orders. Now, more importantly, who's coming to dinner next week?

MatadorMaster: As it stands, Minyan Neal is high bid ($4000) to join the Minyanville family at their holiday dinner next week. With the proceeds benefiting the Ruby Peck Foundation for Children's Education, there sure are a lot of ways to win!

RedDyeRunner: Easy for you to say--you've been bullish all year. I gotta hop and get ready for Elmer. And yes, whoever comes to dinner will share some schnitzel with Professors Succo, Reynolds, Harrison, Brodsky and (honorary professor) Santoli. There will be plenty of cheer--and maybe a gaggle of geese to boot!

MatadorMaster: Good luck boss--I'll see you after the announcement.
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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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