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Freaky Friday Potpourri

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Hurry up and wait? That seems to be the collective vibe as the critters dig in for the final fray of the freaky week.

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"Last dance with Mary Jane, one more time to kill the pain…"
-
Tom Petty

Hurry up and wait?
That seems to be the collective vibe as the critters dig in for the final fray of the freaky week. While there have been several meaty sub-plots of late-mortgage woes and housing among them-underlying motion has trumped overall movement in the broader proxies. Indeed, a bitter Boo believed that yesterday's news, coupled with the complete absence of widespread panic, would have led to a deeper hue of red. It didn't happen, however, and that ushered in hushed whispers of "can't get 'em down" into the close.

With aggregate earnings (fundies) in the rear-view, structural (macro) influences seemingly stable and psychology conditioned to buy dips, the technical metric has again become a focus. Levels of lore for traders' galore include S&P 1443 (February support of the post-acne "basing"), BKX 119 (watch this level-it's huge), NDX 1822 (right shoulder of potential dandruff) and, to a lesser extent, Russell 800 and TRAN 5000. I view technicals as a contextual backdrop but, with 9,000 funds runnin' and gunnin', they've become self-fulfilling prophecies of sorts. See 'em…but don't defer to 'em.

From a tactical perspective, I'm going along and getting along with the recent metal action. I've opined that there are alotta ways to win with these names-from central bank and ETF buying to growing discord in Iran and the Middle East-and I continue to beat that big picture drum. In the interest of full disclosure, I haven't been as big as I've been (I pared some exposure into the FOMC) but I'm not complaining. I learned a long time ago that being upset while making money is an immediate precursor to losing money.

I'm gonna hop the fence and banter on the Buzz so lemme keep this morning missive to a minimum. Before I go, lemme share some fare from a faithful Minyan who dutifully submitted some vibes of his own. Have a fruitful day, Minyans, and enjoy our requisite two day respite.

Cameo Randoms from Minyan Dan Meehan…and white light on that 'stuff' next week, son.

  • Mutual Fund Cash is 3.8%?

  • YHOO broke a double top at $30, reversing a series of lower tops according to our friend Tom Dorsey. "This occurred from below the trend and the stock remains "0 for 5," suggesting this remains a "bad" stock. But at least a bad stock in a good market. It is near-term overbought and further resistance exists at 33, so others look better in the sector. Those short may consider imposing some hedges upon this breakout."

  • When's the Richmond Minyanfest???

  • MIM4? My vote is to swap out of the mountains and into a sandy location. If not, then my vote is for Greenbrier, WV .

  • I'm sorry brah but every time I see your picture on Minyanville, I imagine you at Glamour Shots at the Short Hills Mall getting it taken.

  • This was an actual conversation the other night while watching Fast Money with my wife:

    • Me: T, you met Jeff Macke at MIM2 out in CA.
    • T: I did? Wait…Macke - why do I know that name?
    • Me: Because you met him.
    • T: Noooo - Isn't there someone named Bob Macke?
    • Me: Yeah, he's a clothes designer.
    • T: Oh yeah that's right - that reminds me, I need to go shopping.

  • Lessons learned - All conversations with your wife lead to shopping and never watch Fast Money with her.

  • I heard the NFL is considering showing Football games next year in between Peyton Manning Commercials.

  • I finally saw the pics from the Critter's Choice Awards - Billy's bonus this year should be a treadmill.

  • Strive to be happy.


R.P.

Position in metals

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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