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Elmer Thudd!


Is it duck season or wabbit season?


Fed Chairman Elmer Greenspan paints the taped with some muted economic comments and the early jig (led by the financials) has shluffed a bit.

I, for one, expected our bespeckled pal to be decidedly more upbeat but, after beginning his text with a statement saying that "the economy is positioned to expand at a noticeably better pace," he tempered his enthusiasm. "Lingering business caution could be an impediment to improved economic performance." He added that the "timing and extent of that improvement remains uncertain," and noted the "possibility that lingering business caution could be an impediment to improved economic performance."

At the same time, in case you were busy, the Chicago PMI came in a tad soft (47.6 vs. 48.9). So you know!

The dollar dipped anew on Greenie's comments and the S&P's immediately tested the all-important 910 level. It's a zone that's held the last few sessions AND it's the trendline support from the March lows (yes, those lows). Factor those inputs vs. the month end unknowns and we have the makings of an interesting afternoon.

Pre-Elmer, the jig in the financials stood out like a green thumb. I asked my buddy John Rouque if the specter of accounting irregularity (Tyco (TYC:NYSE)) mattered at BKX 800 (vs. BKX 650). It was a hypothetical question, of sorts, but it will be interesting to see if it does. We haven't smelled cooked books in a while and it'll be a good psychological tell to see if the shrugs and hugs continue.

Retail and semis stand out as relative underperformers while energy, metals and (thus far) brokers are firm. The breadth, is skewed to the negative (it's early) and bonds have ticked up. While I'm acutely aware that the Minx WANTS to trade higher, I'm keeping that leg in the costume and trading around some cheap and cheaper paper.

In quick Minyanville news, click here if you want to check out the all-star guitar! Also, we'll be announcing the initial lineup for the University of Minyanville professors tomorrow and the first Minyan who can name five of our coming teachers will win a free Minyanville tee! Send your answers to and good luck!

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

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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