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The Scared Crow

By

Good luck into the close!

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One way or another, I'm gonna find ya
I'm gonna get cha, get cha, get cha, get cha
One way, or another, I'm gonna win ya
I'm gonna get cha, get cha, get cha, get cha


(Blondie)

I've got a couple meetings near the close but I wanted to get one more post out to my fellow Minyans. First things first, today's rally (if it holds) dings the "lower highs" and "head and shoulder" technical thesis we discussed this morning. That doesn't mean the bulls are free and clear, mind you, but it's something we must acknowledge as we wade our way through the muck.

The breadth and scope of this rally is clearly constructive but the speculative fervor is a bit unsettling. As we learned way back when, this type of nuttiness can last longer than expected and we must respect the process. While we're surely in a bullish phase, I can't help but cringe when I listen to the TV pundits offer that we're in the early innings of a new bull. That's not a cringe for today, per se, but how many times do they need to hit the bricks before they learn the same lesson... again?

Those are admittedly big picture musings and don't necessarily apply to our day-to-day fray. In the meantime, a couple of random thoughts are swirling in my crowded keppe. For instance, is the relative lethargy in bellwethers such as Microsoft (MSFT:Nasdaq), General Electric (GE:NYSE), Wal-Mart (WMT:NYSE) and Merck (MRK:NYSE) an ominous sign -- or are they simply gearing up to lead the next leg higher? What happens when the dollar finally pops in a countertrend rally? When will the manic panic subside and who's the next buyer? If things are so cheery, why are insiders dumping stock? What ARE cold-eeze and why do they taste so nasty?

Time will time, Minyans, and it'll all seem blatantly obvious with the benefit of hindsight. I can't give you the answers -- I wish I could -- but I'll always offer my honest take. It'll be right at times and wrong sometimes but, again, nothing on this site is meant as advice. It's our goal to help you help yourself and find the answers within. It ain't easy... but nothing worth attaining ever is.

Have a peaceful night.
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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