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Terminator X


Good luck into the close!


Bass! How low can you go?
Death row. What a brother knows.
Once again, back is the incredible
The rhyme animal, the incredible D!

(Public Enemy)

"Hey Toddo, I love the Dead, Eagles and Paul Simon as much as the next guy but how 'bout shaking up the mojo and zaggin' hard?" That's done, boss, and no sooner did I receive that email than Hoofy (green velour jump suit) and Boo (red bandana) bounced into my office. Hard rap and hot fudge sundaes? I'm not sure I can zag harder than that--I'm not sure I want to--so let's see what goes on in the Bristol Hotel (room 515).

There used to be a high school cheer that went something like"U-G-L-Y you ain't got no alibi." That pretty much sums up today's Minx as the piggies are wiggin' and suckin' the rest of the market lower. We flagged the financial and retail names out of today's gate (on the Buzz) and, sure 'nuff, they planted the "higher rates are bad" seed. And despite a spirited effort from the four-letter freaks (semis), the red has spread as the bulls all fled.

I was just chatting to my pal Mike Santoli about the "monolithic qualities" of today's tape. In other words, equities are moving as a whole as the gorillas jockey their global exposure. Proof positive is the outsized volatility in the metals, currencies and fixed income. We noted the discrepancy (last week) between various asset class volatility and equity volatility (and how that didn't bode well for Sir Hoofs). With the VXO up 16%, some of that is being alleviated (although plenty of room remains).

I bring up the "global posturing" point as the market can trade independent of individual news. Fundamentals drive the ultimate price action (just ask any analyst) but on a day-to-day basis, structural forces sometimes trump the numbers. The key to forward performance, in my view, is whether the psychological metric has turned the corner or is simply shaking out the weak longs. Ultimately, I have high confidence in the former and respect for the latter.

I'm gonna jump and juggle (hot fudge everywhere) so lemme wish you good luck into the close. And remember, Minyans, the definition of an investment should never be a trade that's moved against you. Good traders make money but great traders know how to take a loss. That "insight" is independent of what the next tick is as the mechanics of the swing are as important as the results of the at-bat.

Good luck into the close.

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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

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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