Hit 'em hard!
- As Brotskinny noted this morning, the TRIN has closed above two for three consecutive days for the first time ever.
- A few Minyans ask why I spend so much time on the Buzz & Banter and the answer isn't that I'm playing favorites. Quite simply, the Buzz allows me (and the other professors) to chime in quickly on a dynamic basis and real-time basis. If you're an active Minyan--or interested in the guts of the daily trading body--that's the place to be.
- The 'Cuse noose is a true bummer (sorry Fish). Still, if memory serves, they seem to do alright in the NCAA's after getting tossed from the Big East.
- Most everyone is expecting a bounce today--almost across the board. While it certainly could happen (after such a sharp dive), please remember that there is a "I don't wanna be long over the weekend" potential....that 'may' lead to the "nothing happened so let's rally" Monday Snapper.
- An "up" opening is actually more bearish than a "down" opening today.
- Hoofy will argue that, just as sharp Snappers littered the bubble melt, hard dips are natural for a bull market (remember, folks, he IS a bull).
- Are vols (VXO) establishing a new trading range?
- Watch the banks--they melted through the BKX 50-day like a hot knife through (low fat) buttah. That'll act as first resistance this morning.
- $3.3 beans into mutual funds this week.
- ICI data shows cash at US retail money market funds has now fallen to $883B, the lowest level since mid 1999.
- China's top two financial regulators warned that a surge in lending by state-owned banks is fueling inflation and heightening the prospect of a shock to the world's fastest-growing economy. (Washington Post)
- N's over S's should continue.
- When in doubt, sit it out...or do a little less.
- Foreign central banks bought $9.26B of treasuries, taking holdings on treasuries and agencies up to $1.165 trillion (suggests continued intervention)
- Judith the J-Dog, after some prodding, weighed in at a (lean and mean) 125lb. The envelopes are now officially sealed and will be reopened on April 12th.
- S&P 1125 has established itself as the official line in the upside sand.
- With the 50% spike in vols, option pros may wanna think about back spreading long vol positions.
- Lotsa big cap tech stochastics are giving buy signals but, as the grill marks on Boo's arse can tell ya, they're more of a directional (not timing) tool.
- A young Minyan asked what the psychology was like in April 2000 (with regard to dip buying). I told him, as you already know, that many sentiment surveys today are giddier than they were then. Doesn't mean the result will be the same but it's certainly not a positive.
- I had my (brief but always enjoyable) weekly face time with Professor Succo last night and the topic of refi-mania came up. He's one smart cookie.
- Wrenched my back on the hoops court last night...noice!
- Grandpa Neil, eat another bagel!
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 email@example.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.
Daily Recap Newsletter