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Flow Job!


Did you see Hoofy's milk moustache?


We sit in the car outside your house
I can feel the heat coming 'round
I go to put my arm around you
And you give me a look like I'm way out of bounds

(Bruce Springsteen)

Let's see, Dell (DELL:NYSE) is cautious on I.T. spending, Freddie Mac (FRE:NYSE) has potential accounting issues, Texas Instruments (TXN:NYSE) and Motorola (MOT:NYSE) blow, Microsoft (MSFT:Nasdaq) says it faces significant challenges, IBM (IBM:NYSE) is the subject of an S.E.C. probe, the Investor Intelligence bull/bear skew is at historic proportions and we haven't seen anything this top heavy since Anne Nicole Smith posed in Playboy. What gives?

In a word: Liquidity. This tape smacks of structural influences and, as we've learned in the past, these types of moves can be independent of technical or fundamental undertones. There is certainly something to be said about the Minx's ability to digest bad news and climb a wall of worry -- there's no rationalizing that. It'll work until it doesn't and, as we know, the lion's share of tigers and bears have stopped trying ot fight it.

When will it end? I wish I could tell you for sure but when it does, we'll look back at the wall of worry and see the obvious writing. That's little solace for those who haven't participated in this move but what's done is done and we must look forward. The last thing you wanna do is put yourself in a position to get double whammied. That doesn't mean you can't play -- just don't play blindly. Remember, near downside inflection points, the prevailing sentiment is "let 'em go higher and I'll short 'em." I'm hearing a lot of the opposite right now as the manic panic continues.

Looking at today's tape, the breadth in the S&P (thus far) continues to impress. That, coupled with the action in the financials, is putting grist in the Minxy mill. It's an impressive performance in the face of the recent news and the looming quarter-end is likely helping it along. Respect the price action (don't defer to it) and map out a plan before stepping on the field.

In Minyanville news, I gotta give up some snaps to the new columnists. They represent everything that we're trying to accomplish and have done a bang up job. When we created this community, we made a conscious decision to make it as inclusive as possible. If you're a faithful Minyan and want to support the cause, please swing by Main Street and pick up some of our awesome attire, attractive art or killer cookies. The critters would be most appreciative!

Hope y'all are hittin' 'em hard.
position in msft, spx

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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