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The Morning Dew

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Light volume consolidation to support? Wasabi!

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Sometimes when the cuckoo's crying
When the moon is half way down
Sometimes when the night is dying
I take me out and I wander around

(Grateful Dead)

Well, my friends, here we are. Expiration Friday is upon us and one door closes (good riddance!) while another door opens (truer markets). It's part of the natural financial process and, for those of us who've been doing this for years, expirations are like birthdays. They're sometimes eventful, often times exciting and, for the most part, overrated!

I walked through our metric bases earlier and, as such, I'm not gonna be redundant. Again, I'm not gonna be redundant. Instead, let's take a quick look at the (quiet) morning news. Europe is mildly lower in light trading, Rummy is on the tape with hawkish war comments and Toddo is friedola and ready for the weekend! On the research front, Lehman upgraded BR, OGE, HE and AEP, Morgan downgraded NE and RIG while upgrading GSF, Pru downgraded ABX, CS First Boston upgraded VOD and VZ while lowering numbers in BLS and SBC, JP Morgan downgraded BGEN, Monty upgraded OMG and Piper upgraded TGT. Piper? I don't even know her!

It's been whisper thin out there and whenever that's the case, our volatility antennas must be raised. Factor in the looming pin action, potential posturing (in front of the weekend) and frayed nerves and, well, today's crosscurrents are shiftier than normal. I continue to hop around like a one-legged bear in a three ring circus but I'd admittedly be more comfy if we take out Tuesday's lows. I always like to project myself into the future and "look back" at the charts--and this period has the potential be viewed as a healthy digestion of the recent gains on light volume(particularly in the NDX). I'm not playing it that way, mind you, but I always like to "see" both sides of any trade regardless of my posture.

In Minyanville news, I want to offer a hearty thank you to ALL of my fellow Minyans for your help in spreading the word. I was talking with Casey last night about the road we've traveled together and it's truly amazing. In October of 2001, we birthed the notion of our critters while sitting in her truck in Los Angeles and we've pretty much spoken every day since. It's a wonderful thing to see, hold and touch something that was once a mere thought and without you, none of it would be possible. As such, I just wanted to take the time to say "thanks!" for allowing me to chase my dream.

See you after the opening.

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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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