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More Random Thoughts


Why is today different from all others?


  • I haven't seen much by the way of flow since the Philly Fed. Most of this price action is "futures led." (driven by the futures market)

  • The dollar firmed on the report and that's given the bulls some confidence.

  • Will there be a pocket of weakness before the long weekend or is the tape thin enough to be squeezed higher?

  • Why did I nudge my stop higher? I wanted to give the "emotional volatility" on the heels of the Philly Fed a chance to work itself through. It was a fair thought -- but with no give (thus far) in the tape and the S&P 891 level being tickled, one appendage must come out (leaves one leg in the bear costume).

  • When this ends, it's not gonna be pretty.

  • Chocolate Macaroons are awesome.

  • Breadth, which has been strong all day, continues to impress.

  • The N's over S's continues as fund managers chase performance.

  • Out-of-the-money options (cheap and getting cheaper) allow you to play a thesis (right or wrong) with defined risk.

  • If you draw a trendline from the NDX intraday highs (from March 20), it intersects at NDX 1085.

  • FUBAR.

  • I'll be scooting near the bell for Seder part deux today... fyi.
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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

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