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Whips and Trains

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Good luck, Minyans, and fare ye well!

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I wish I was a headlight, on a North bound train
I wish I was a headlight, on a North bound train
I'd shine my light through the cool Colorado rain


(Grateful Dead)


I should have known better. No sooner than did I praise Fokker than he looked up from his hole and said "Hey boss, I need a vacation." Exsqueeze me? Dude -- stick around long enough to look at tomorrow's unemployment data and then we'll talk! I know that today's school girl chatter has you all ferklempt but honestly, kid, tomorrow's your big chance. Step up!

In spite of the whips and trades, it's a nonevent day and that's a resilient showing in the face of the drippy dollar and flaccid economics. The shrugfest paints a picture of frustration for Boo's crew as they had the ammo but couldn't shoot to kill. I've heard chatter that the CBOE electronic feed (it went down midday) was partially responsible for the lack of liquidity (and potentially exacerbated the upside action) but I'm not sure if that's the case. There were alligators lurking, underneath bids and pressy shorts. Taken together, it didn't add up to a melty session.

There's a host of data due out tomorrow and it'll be interesting to see if the Minxy "bend not break" persona can withstand further downside confirmation. I've been of the belief that our economic woes and bear market blues are independent of the Iraqi conflict (or conclusion thereof) but, thus far, that view appears to be in the minority. Time will tell, I suppose, but in the meantime, the onus is on us to adapt.

In my absence tomorrow, keep an eye on our trusty tells (dollar, financials, semis, breadth) and important levels (BKX 800, S&P 900, NDX 1100) and remember that discipline trumps conviction. I haven't spoken to many pros who are enjoying themselves these days but that's consistent with the weeding out process we've long discussed. Take a deep breath and understand that our journey is a marathon and not a sprint.

Mucho Snaps to the entire team on the unveiling of the University's staff today. I trust that you'll find the content and style consistent with what you've come to expect in Minyanville and, take me at my word, it's only just begun. There's more to life than trading and there will be more to Minyanville than finance. If we're to preach balance, we must practice it -- and our humble little town will be a reflection of that.

I'm gonna scoot as I've got a train waiting to take me to the warm hugs and innocent smiles of my niece and nephew. There was a time in my career when I would have NEVER let Beeks dance without me but I've learned that it's the times you CAN'T take off that you need it most. Besides, the market will be here on Monday -- the chance to introduce my pops to the kids is a once in a lifetime event.

Have a peaceful weekend.

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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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