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Friday Vibe


May peace be with you!


The following blurb appeared on the Buzz but as some Minyans choose the News & Views (only), I wanted to share on a slow Friday afternoon.

I was just speaking with a buddy of mine who runs a big fund and he said "So...the tape rallies on North Korea rumors, they're proven false and the market still rips?" I (humbly) offered to my buddy the following thoughts and will share them with ye faithful with hopes they add value.

"I'm not so sure the chatter was the cause of the lift. More likely than not, a gorilla pulled the trigger on a massive (buy side) order and that set off a chain reaction in the fund community. Think about it, if the Gov't of Singapore (for instance) wants to buy $1 billion worth of stocks, they'll scoop offers to get in motion. Reactive hedgies see the upticks and figure that something must be going on and, before you know it, it's a feeding frenzy."

When my buddy asked me what I thought, I told him that I didn't have a clear sense and wouldn't dilute the value of my opinion by making something up. I noted the ketchup (N's over S's) and the relative lethargy in the banks but that's a reach with regard to value added.

The simple--but not helpful--truth is that the tape is being pushed around by order flow and it's always difficult to game invisable catalysts. Unfortunately, that'll likely continue into the new week as traders posture in front of Elmer.



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

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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