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Cents and Sensibility

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Watch the financials for signs of slippage/traction--the brokers have underperformed all day.

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Desperado, why don't you come to your senses?
Come down from your fences, open the gate
It may be rainin', but there's a rainbow above you
You better let somebody love you, before it's too late


(Eagles)



Hey Fokker, did you change the channel to the cartoon network while I was looking the other way? As I watched the latest in reality TV, I couldn't help but envision an animated Elmer jumping up and down on a long, lit fuse. Think about it--if our Fed chief feels that Fannie Mae (FNM:NYSE) is too big to fail, can you imagine his resolve regarding the U.S. economy? That's his motivation--or desperation--as we trudge forward and it's quite evident from his (immediate gratification) policies.

I'm gonna leave the kid alone--for now--as it's not the right time to rant. Turning my attention to the flickering ticks, young Snapper held the line (NDX 1450) as expected on the first test. Big levels have a habit of holding during initial tries (see S&P 1160) and most everyone was watching this tech tickle. Was that "it" on the downside? Doubtful--but with the Minx down four days (and a few weeks) in a row, the level is a toehold for Hoofy's heroes.

Breadth has improved (marginally higher) and the semis (sentiment proxy) are clinging green as Intel (INTC:NASD) fights the good fight. Today's trade is still too close to call--it got a little negative out there but for good reason--so I would stay extra tight with your risk profile. We've documented the non-confirmations and negative divergences and they're still very much in play. That doesn't mean every day is gonna be lower but, at the same time, a higher session wouldn't negate them.

One giant step back, the metals and crude are both higher (Russia?) while the greenback is giving some green back. Europe still trades heavy--has all day--and our stateside bonds are firmly in the green. Perhaps more importantly, Greg 2--yet unnamed--has officially fluffed another food order. This is a marginal negative for the kid and warrants a mention in this space. I would think that Mr. Fokker would have trained him better but I guess it's not a shocker!

In Minyanville news, the new digs are still fishing through some tweaks but again, the mother ship server should be rockin' in a few days. I'm told it's par for the course on a new launch but I told the techies that we're playing from the pro tees and anything less than perfection is unacceptable. We'll get there, so you know, and it'll be sooner rather than later. Thanks again for the patience!

As always, I hope this finds you well.
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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.

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