Fare ye well!
You could have a big dipper
Going up and down, all around the bends
You could have a bumper car, bumping
The amusement never ends
Do I make you horny, baby? Leave it to longtime Minyan Mike Ligator to nail today's trivia by being the first to identify giraffes as the only beasts born with horns. For that, Mike, you've won a spankin' brand new Minyanville tee!. Didn't win? No worries, mate, you can still sport the critters by swinging by Harrison's Department Store. Ten percent of all proceeds will be donated to the Ruby Peck Foundation for Children's Charity. That's good stuff!
Turning our attention to the tape, the failing financials are proving to be too much of a cross to bear for the bulls. Snapper was sniffing around but the broke and brokers (down 4%) out muscled the sexy SOX in the wishbone offense. The N's over S's theme is still in motion (better tone in tech) but, at the end of the day, the four-letter freaks will have to settle for relative performance. Away from the two mainstays, oil services and gold stood out as "dry" sectors while the biotechs took another hard smack down.
Is this the pause that refreshes (before the dreaded quarter-end markup) or is the crowded long side effectively trapped? It's too early to tell -- and while the trap is surely set, the (up) trendlines are still very much in place. Again, I think we'll look back at this juncture with a collective "DOH!" but timing, as we know, is everything. One step at a time as we wade through the muck.
I've gotta jump as I've got a date with the doc on the closing bell. I sincerely hope you all had a good day and, if you didn't, that you can keep it in perspective. It starts and ends with you.
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 firstname.lastname@example.org.
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.
Daily Recap Newsletter