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The East Side Shuffle


We'll see YOU on the other side of gussied up!


Fish don't fry in the kitchen
Beans don't burn on the grill
Took a whole lotta tryin'
Just to get up that hill.

(The Jefferson's)

Shocker, Weezy! A little crimson creeps through the cracks and Elmer hits the scene to let us know that he sees "encouraging signs" that the labor market is improving and employment rising "more quickly before long." I'm not sure that's proper use of the English language--it might be--but his timing is impeccable. Should a collective chorus from Elmer's crew really surprise us at this point? I'm surprised that he didn't mention the "evil doers" from Red Dye Junction!

Whether you agree with him or not, Nero spurred a spate of short-covering when his text hit the tape at 1:45 EST. Whenever we see intra-day counter trends (vs. the prevailing direction), I always like to watch the breadth (didn't budge) and our leadership sectors (gaining some traction) for clues as to whether a reversal is in the works or if it's simply an oversold (overbought) correction. As it stands, the internals are telling you not to believe the hype but we gotta respect jittery critters (both ways) and the unknown that is expiration.

The real story remains the broader asset class picture. Once upon a time, equities traded as a monolithic product vs. bonds, the dollar, gold and crude. The chatter on the Street is that macros are repositioning their bets but there's no way to know for sure. I will say that the market(s) is/are bigger than any one person (save Elmer) so I'm not sure I subscribe to a massive gorilla shift. It's what's making the rounds, however, and I figured I'd pass it along.

With the notable exception of the massive re-launch, next week is relatively quiet on the catalyst front. Lowes (LOW:NYSE) reports Monday, Clear Channel (CCU:NYSE), Federated (FD:NYSE), Home Depot (HD:NYSE), Heinz (HNZ:NYSE) report Tuesday and a handful of names filter out during the remainder of the week. We'll also spend some time with Monsieur Beeks but most of the economic data will come Thursday and Friday.

I've gotta jump and focus on both expiration and the turning the final screws on the new and improved Minyanville. I'm gonna miss this old town--it's been very loyal and served us all in good stead. Alas, as with most things in life, it's time to grow up and move on. We'll be closing the curtains at 5pm and when they're pulled back, you'll see the next step in our vision. As we always say, we're only as strong as our readers so lemme please take this time to thank YOU for making it all possible. It's only just begun.

Have a peaceful weekend.
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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

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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