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The Dew Spew

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Are you anticipating the anticipator?

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In Franklin's Tower the four winds sleep
Like four lean hounds the lighthouse keep
Wildflower seed in the sand and wind
May the four winds blow you home again


(Grateful Dead)


The afternoon giggles continue to wiggle as the flicks tick and the ticks jiggle. This is the thinnest day I can remember (not saying much) and while Hoofy is seemingly in control, light volume rallies are historically problematic. I don't know if it's a function of the warm spell on the east coast--it is rather nice--but jeez, Louise, I can hear mice pee on a cotton swab!

We've buzzed all session on the elements in play---the internals and financials remain the cornerstone of Matador City and those inputs, coupled with slick cyclicals, haughty homies and stubborn semis, are giving the bulls confidence. I see what you see but regardless of your posture, it's important to remember that the S&P (or Dow) has yet to find technical resolution. Do they act well? You betcha. Will they breach S&P 1160? Likely not today's biz.

With that said, the global liquidity tide continues to lift all boats (and most asset classes). The Nikkei led by example last night and Europe, the Minx, the dollar, most metals and crude are following suit. Herein lies the crux of our trading dilemma and the answer to the zillion dollar question. When will the leaky faucet finally tighten? I can't answer that question, Minyans, but I'll say this: more likely than not, it's gonna happen when the news flow is overwhelmingly positive.

The catalyst calendar will steadily pick up until we get the payroll data on Friday. We STILL haven't heard a peep out of the PPI but investors continue to operate under the assumption that no g-news is good g-news. Be that as it may, the free pass that is productivity will likely come under fire if hiring doesn't lift its keppe soon--particularly with the election ebbing ever closer. Just something to toss on ye radar as we trudge forward.

Finally, many thanks to the Minyans who've lobbed in with snaps on the new digs. It's been a long haul but I sense the glitches are seeing a light at the end of the tunnel. Please don't forget that the new passport rates will kick in sometime later today so if you haven't opted to "opt in" (or, in the case of an expired annual, convert to monthly status), the critter cops will likely ask the question the next time you log in. Just keepin' ya up and keepin' it real.

Good luck into the close.

R.P.
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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.

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