Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Jam Session

By

May peace be with you!

PrintPRINT



I take a walk outside,
I'm surrounded by some kids at play
I can feel their laughter
So why do I sear?


(Pearl Jam)


It's days like this that remind me of what my grandmother Dorothy used to say to me when I was a child. "What the hell are you doing in the bathroom all day and night? Why don't you get out of there and give someone else a chance?!?"

Yes, I know I'm lifting this line from our friend Igor (eye-gore?) but it's important to smile and this one always does it for me. Besides, I've been thinking a lot of the Margarita Mama and I officially wanted to send white light her way. Consider it done!

The Minx climbed on Hoofy's broad shoulders this morning and rode the bovine banshee to a stellar gain. While there's no debating the bullish elements -- breadth, the dollar, crude and fixed income -- it's interesting (is that the right word?) that the lion's share of the gains occurred by 11 a.m. Since then, there's been a bunch of grindy head fakes that frustrated the majority of our trading brethren.

I've mapped out my current posture early this morning and adhered to it throughout the session. It's too soon to tell if my strategy is right, wrong or early but it's an extension of my thought process (with defined risk) and I like that. We're either scaling our way up one of the biggest walls of worry in history or it's a compelling opportunity for the bears. I've chillin' with my main Dawg Boo (to the tune of one appendage or 25%) but, at the same time, I've got tremendous respect for the power of perception.

I am admittedly suspect that this entire move higher is a function of a rescued P.O.W (which, by the way, is AWESOME), although the press seems quick to attribute that as the cause. There's a LOT going on behind the scenes (structurally) and Brian seems to have a good handle on the "allocation trade." Either way, I'll take a quick walk through our metric bases tomorrow morning and see if we can sniff out any more clues.

I'm scooting out for quick meeting before joining my buddy Slaino at the soup kitchen for some charitable support. These are wild times and the markets are nutty, my friends, so don't be too hard on yourself if you didn't knock the cover off the ball. Tomorrow's a new day fresh with promise and opportunity but you'll never have another chance to live tonight. Enjoy it!

Fare ye well.

No positions in stocks mentioned.

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.

PrintPRINT
 
Featured Videos

WHAT'S POPULAR IN THE VILLE