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Morning Glory

By

If the best fades are the hardest fades, Toddo, this is one helluva fade!

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Before we delve into the muck and try to make sense of the madness, I have to tell my fellow Minyanheads about last night's Robert Hunter festival. In a word--unbelievable. God bless the man who, at 61, is able to stand on stage for two and a half hours and do what he loves. The highlight, for me, was the Scarlet->Uncle John's Band->Reuben and Cerise trifecta but his classic renditions of Stella Blue and Ripple weren't far behind. Suffice to say that he rocked my soul and provided balance when it was needed most.

Alright, let's get shakin'. In the old world, ORCL and MCHP's admissions last night would be enough to quell the tech swell but the fundamental metric is being rationalized by the war. In peripheral research, Bear is cautious IBM, Solly booted AMZN, Merrill thinks optical names are blurred, Morgan upped LMT, JP Morgan downed CVS and Monty upped CCL. Finally, BSC released "solid" earnings this morning and that should lend to the S's over N's trade, cousin Richard.

The obvious level to monitor today is S&P 870 although I'm left to wonder if it's TOO obvious. I was watching a European financial segment (very) early this morning and they were chatting it up in a big way. You guys know how I hate conventional wisdom but, regardless, it's an inflection "zone" and we must respect it. The same broadcast also discussed the notion of a "plunge protection team" at work in the U.S equity market and while I'm not prepared to comment on this topic (yet), I wanted let you know that conspiracy theorists getting loud in Europe. Not actionable, per se, but certainly interesting.

There will likely be no shortage of rumors today and the tape is sure to be whippy and trippy. Angst levels are as high as I can ever remember and that, coupled with the looming expiry, will likely exacerbate volatility in a big way. This is your friendly Minyanville reminder to put limits on your orders and think before acting--the Minx isn't futzin' around these days!

Finally, in the face of war, we must remember the important things in life--our family, our friends and our children. In that vein, Minyanville will continue it's efforts to raise funds for The Ruby Peck Foundation for Children's Education. We're currently raffling off a fantastic Oscar VIP gift package worth over $14,000 and 100% of the net proceeds will go to charity. Tickets are only $100, my friends, so please do your part and support this worthy cause. At the end of the day, positive thinking and good vibes go a super long way.

See you after the opening.
position in qqq

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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