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Flag Staff

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Who's your daddy?

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Some folks are born to wave the flag
Ooh, they're red, white and blue
And when the band plays "Hail to the chief",
Ooh, they point the cannon at you, Lord.

(Creedence Clearwater Revival)


I've gotta tell you that during the earlier spike, the emotions emanating from my eight screens was about as charged as I've ever seen it. I'm not gonna tell you that I'm immune to it--I'm not--but if there's one thing I've learned over the years, it's to take a step back when I feel myself getting sucked in. It's not a market call, per se, it's an observation on mechanics. Emotional decisions almost always come back to haunt you and it's important to know thyself.

With that said, I just splashed some water on my face, grabbed my favorite Bernie Williams baseball bat and readied myself for the home stretch. The Minx has settled down somewhat but, if we've learned anything, it's to expect the unexpected. We've got a little more than an hour left in this nutty week, friends--stay alert.

A few things stand out in today's action. The relative outperformance of the S&P (vs. the NDX) is the most obvious theme as fund managers rotate with hopes of capturing the disparity. That fact is reflected by the internals as the big board breadth is 2:1 positive while their four letter cousins are struggling on the inside. There are also signs of crackage in tech--Cisco, Microsoft, KLAC, storage and software have all had problems getting their groove on today.

On the macro front, crude continues to crash and I'm of the humble opinion that it's overdone. I don't trade the commodity but I'm getting the same tingles (the other way) that I did when gold.com was tickling $380. The dollar, meanwhile, continues to flex it's muscle and Euro/Dollar is quickly approaching the 1.05 level we discussed. Keep a close eye on these variables next week when we power up to find our way.

The tick by tick and day by day remains very difficult to game but I remain of the opinion that there will be lower levels in the not to distant future. Whether this IS the beginning of a brand new world remains to be seen (I don't think it is) but regardless of your posture, please understand that there remains risk (both ways). Factor that into your profile as we manicure our weekend sheets.

As you, I'm watching our leaders address the nation and our bombs relentlessly fall on Baghdad. While I have mixed emotions regarding this situation, there's one thing I'm absolutely certain of--I want all of our troops to come home safely to their families. Prayers to the men and women of the armed forces and to the innocent civilians who are caught in the crossfire.

May peace be with you.
position in s&p, 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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