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Grass Roots

By

But Beige doesn't match my shoes!

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It's been a long time since I rock and rolled
It's been a long time since I did the stroll
Ooh, let me get back, let me get back
Let me get back, baby, where I come from


(Led Zeppelin)


Hey Chilly Willie, how goes it? Life in Antarctica can be pretty cold and, if nothing else, we aim to please here in Minyanville. That could explain why we're dishing out a free tee to Todd Hibbert for correctly identifying penguins as the critter of choice on Derek Zoolander's p.j's. Hey Toddo, I'm sure you're gonna look really, really, ridiculously good looking in your new garb -- now get dressed before you catch the black lung, pa!

Back in reality, the Mer-Minx continues her grindy climb as traders chase performance. As it stands, the recent support zone (NDX 1100 and S&P 905-910) has held and that's offering a backstop for new players. As the BKX approaches 800 (again) and the anxiety becomes palpable (again), the little bear on my shoulder isn't wondering if this will fail, he's just wondering when.

I'm playing a bit tighter these days and I've shifted to grind mode until a clearer edge emerges. When you're not seeing the ball with absolute clarity, discipline dictates taking a step back until the seams emerge. I've spent the better part of the day looking for individual situations and scanning for cheap and cheaper vol. I know that sounds redundant, I know that sounds redundant, but with patience comes price and opportunity.

The overnight earnings, which include bellwethers such as KLA-Tencor (KLAC:Nasdaq), Veritas (VRTS:Nasdaq), Qualcomm (QCOM:Nasdaq), American International Group (AIG:NYSE) and SBC (SBC:NYSE), will likely will either further the fundamental jig or offer an excuse for a pause. Either way, we must incorporate the potential for all scenarios in our risk profile as we continue to take our journey one step at a time. I will offer that little (if any) bad news is priced into this tape. Good news will likely drive it higher (initially) but, at the same time. we must always expect the unexpected.

I'm gonna hop and ready myself for that light brown book so I'll cut this post here. Take a deep breath, my friends, and understand that neither Rome or Minyanville was built in a day. And don't focus so hard on the destination -- you'll likely forget to enjoy the beauty of the ride.

As always, I hope this finds you 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.

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