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Freaky Thursday Random Thoughts

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...for the next few hours, we'll make the most of it and, hopefully, find some jingle into the three day respite.

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  • Alright, look--nobody really wants to be in front of the screens today. It's a holiday week (on both sides), there are bunnies waiting to play and the boys of summer have taken the field. Still, for the next few hours, we'll make the most of it and, hopefully, find some jingle into the three day respite.

  • Tells of the tape? Breadth is workin' 9:5, the dollar is draggy (DXY -40 bips), the mood is lazy and both energy and metals seem to have a persistent bid.

  • Speaking of the metals, we flagged XAU 137ish as a launch pad and sure nuff, they reacted in kind. Next resistance comes into play around XAU 147, which I also think will be dust in the wind, dude.

  • As long as we're talking tight levels, we noted yesterday that the USO pulled back to support after "World Peace" was declared. See that level, Minyans, as defined risk is our friend.

  • Wait a minute! It's 39 degrees in NYC again? There may soon be 10,001 Maniacs!

  • A heartfelt congratulations to Charlie Mangano on joining the Minyanville family. We're lucky to have him as he's very good at what he does and better at who he is. Please join us in welcoming him to the fold tonight at the Red Lion as the critters cut the rug!

  • There was a great exchange on the Buzz yesterday between Professor Goepfert and Professor Sedacca regarding the state of sentiment. I strongly urge Minyans to read the dialogue-the non-acrimonious friction between opinions is where the best education resides.

  • We've been carefully monitoring the HGX 218-220 zone as it's a triple bottom and the 200-day moving average. I've offered before--and I'll say it again--that I think this level ultimately breaks. But with the stochastics crossing at the bottom and sentiment somewhat drekky, we gotta give Snapper some respect.

  • Entourage Sunday night. Noice.

  • Goldman $210 remains a near-term tape tell.

  • I'm still holding Boots & Coots, which acts well 'despite' the prospect of world peace. Remember, this is seen, by some, as a proxy for conflict.

  • We're rolling out the big dogs on Tuesday and take me at my word, you're gonna freak when you see what we've got up our sleeve. This is the first of many new initiatives we've got planned for '07, each accretive to the Minyan experience. The only difference between vision and reality is execution and acceptance. Thank you for believing in the dream.

  • Speaking of dreams, I've been "sitting" on a tall stack of content that is a 'behind the scenes' look at my entire professional existence. I think it's high time we unleash that beast as well.

  • Never short a dull tape? Perhaps, but we've also got "risk paring" potential into the holiday weekend. My posture and position is relatively constant--long situations, short the tape via puts (long gamma) and leaning against S&P 1450ish.

  • The risk to the short side? That private equity and hedge fund IPO's introduces the last bastion of bubbles to an already taxed (indebted) tape. Hey, it could happen and the onus is on us to see all sides of every possible scenario.

  • Enjoy the three day respite, Minyans, and we'll see YOU on the other side of the eggs.


R.P.

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Positions in metals, WEL

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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