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The Thunderin' Herd

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May peace be with you!

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Well the music's thunderin', restless and hot
You keep firin' me glances across the room
And I can't stop wonderin' just what you got
Get the feeling I'm going to find out real soon


(Grateful Dead)



The whips and change from the exchange has left the critters feelin' strange. While the bears started the session with a pile of red chips (and some nosty breadth), the bovine made a heckuva comeback after walking their alligators through the casino. Now, with both Hoofy and Boo stretching their necks, we find ourselves smack dab in the middle of the month long S&P range. Time to chill? Doubtful....something tells me that the real action is right around the corner!

Collins and I have been bantering about the near-term prospects and we're in agreement that the, "can't get 'em down" crowd has a leg to stand on. Still, and while there are clearly pockets of optimism (nets/biotech/brokers), the sluggish semis and bunk breadth are cause for pause. That may be fleeting (see Nat'l Semi (NSM:NYSE) but the goal in trading is to align as many ducks as possible before committing capital. As it stands, Daffy and Donald have chosen to abstain from this train.

Clarence Beeks arrives tomorrow and while I can't get excited about anything by the BLS, the PPI may have an impact. With the 'flation stage all the rage, the macro monsters will be looking for clues nestled in the muck. The asset class dance has been crowded of late as the gorillas get in shape for '05. Should the economic numbers surprise either way, it will leave an impression on an otherwise sleepy session.

I'm gonna hop over to the Buzz and ride this puppy into the close. As I scribe this final vibe, I'm seeing a slew of (buy) programs hit the tape. Are traders caught short? Maybe in the uber-uber-near-term...but, taking a step back, the long side remains crowded and higher prices are widely expected. The month long slither has surely alleviated some of the overbought dynamic but sentiment is still skewed. Just something to keep in mind as we find our way and define our risk.

Nary a bid on the holiday auction but that doesn't come as a complete shocker. With two weeks left until the final prize, I know a coupla of Minyans are mulling about. I'm not sure what the final tally arrives at but some lucky Minyan will be spending December 22 with a room full of professors and a menagerie of metaphorical critters. And as a result, The Ruby Peck Foundation for Children's Education will toss a few shekels in the till and some kids will have a happy holiday. For that, it's well worth the time and effort!

Fare ye well into the bell and I'll see you at Starkers!

R.P.
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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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