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Fruit Basket


Fair ye well into the bell!


Tempted by the fruit of another
Tempted but the truth is discovered
What's been going on
Now that you have gone


The afternoon sauce continues to toss as the bulls climb aboard and the bears eat a loss. Today's action is, in many ways, the mirror image of yesterday's fray. Breadth is noice, the banks are buoyant, the semis are sticky, the small caps ain't so small and the cyclicals are cycling higher. A few flies remain--the brokers, resistance, biotech--but Hoofy has to be happy with the effort thus far.

A faithful Minyan asked if the recent round trip alleviated the previously overbought condition and the answer is "sorta, kinda but not really." We know from experience that these readings are typically "worked off" as a function of time or price and, as such, the churny action is a step in the right direction. Alotta measures remain toppy in the short-term (Snoop Tone's percentages and the nose bleed stochastics come to mind) so while the sideways slither certainly helps, it's by no means a panacea.

Lennar (LEN:NYSE) and Oracle (ORCL:NASD) highlight tonight's parade and will set the stage for tomorrow's march. The mighty Bear (BSC:NYSE) and Best Buy (BBY:NYSE) will share the morning stage with Beeks (housing starts (exp. 1950k), building permits (exp. 1970k), industrial production (exp. .8%) and capacity utilization (exp.77.5%)) and set the Hump Day tone that we'll be hummin' all day.

I'm balancing the benign inputs from our credit brethren, technical barriers above, geopolitical unknowns and the minxy undercurrents (expiration and quarter-end) as I forge my particular path. While I had been trading silver from the short-side (as it got near $6.20), I flipped lids and got long a little earlier today. My thinking is that if, in fact, Carrie is pulling a Jedi mind trick, this commodity is a decent hedge vs. some of my other positions. If liquidity becomes an issue, my risk is defined (via a stop) and my other positions should gain traction. None of this is advice and all of it is subject to change--I'm just sharing my process with hopes it adds value to yours.

In Minyanville news, we're putting the final touches on the Minyan in the Mountains retreat and should have that set to go tomorrow. We're also dotting the "I's" and crossing the "T's" for Professors Weldon and Dingmann and those are "any day now" situations. Last but certainly not least, the Critters Choice Awards is formulating behind the scenes and while it's not this week's business, it's certainly something to look forward to. All good things in all good time, Minyans, as we find our way through the minxy fray.

As always, I hope this finds you well.

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position in silver

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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