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Punch Bowl


The incredible Hulk? He must have an amazing schwanstucker!


All the waiters in your grand cafe
Leave their tables when you blink
Every dog must have his everyday
Every drunk must have his drink

(Billy Joel)

I know, I know -- there are a lot of ABBA fans (and the men who love them) disappointed with their inclusion on our musical bottom-dweller list. All I can ask, dancing queens, is that you don't shoot the messenger. Hey, I even saw Mama Mia a while back -- I was dragged there kicking and screaming, mind you, but I stayed for the whole show!

First things first, please take the time to read Brian's superb investigatory journalism (think Zoolander) posted in this morning's News & Views. There's some wacky action in bondland and he's the Minyan with the opinion in that regard. Wasabi!

The early action is to the upside and, after yesterday's quick zing, wary traders are toe-dippin' early. The longer they hold, the more the bulls will likely gain confidence. Please understand, however, that there's plenty of two-sided risk to this tape (particularly in front of expiration). Stay tight, stay sharp and, in the words of my friend Dan Meehan, strive to be happy!

The technical areas of contention include S&P 950-955 (NDX 1165ish) on the upside and S&P 935 (NDX 1140, BKX 800) on the downside. Also, keep an the PPH (pharma index) as the puppies will confirm an upside breakout at 80. Over in the oil patch, the Oil Service HOLDRs (OIH:Amex) did the same at 62 although this group is the definition of uber-extended. Still, they're levels worth noting as the reachers reach and the preachers preach.

I'm "protecting" myself against the "blow off" and while I want my imagery and risk-profile to be consistent, I'm admittedly reticent usher the bear costume back to the closet (if/when a stop is triggered). I maintain that when the last buyer gets filled, there's gonna be some fugly follies. Let's circle back to this one IF our levels come into question. A'ight?

I'm gonna juggle and jiggle so lemme hop. Meanwhile, the critters are absolutely beside themselves with excitement as they prepare for the arrival of Queen Casey. This calls for a sushifest of the highest order and I've already got Fokker on the case. Engine room, more steam!

As always, I hope this finds you with some jingle in your jeans.
position in qqq, oih, spy

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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