Fun in the Sun
Fare ye well!
Little darlin', it's been a long cold lonely winter
Little darlin', it feels like years since it's been here
Here comes the sun, here comes the sun
And I say, it's all right
Stop the presses! This just in, a yellow orb that radiates warmth was spotted above Manhattan today and the masses are flocking to view this stratospheric anomaly! Yes, folks, the spectacular weather has finally arrived in the big city and it's thinning the trading ranks as we speak. That's making an already thin day a bit thinner and exacerbating the (slight) volatility as we trudge through the session.
Today's theme continues to be dominated by an S&P outperformance of NDX. The banks held the all-important BKX 850-855 zone (thus far) and that, coupled with the stickiness in the brokers and retail, is giving the big board a relatively better tone. The semis and networkers have struggled a bit but the four-letter freaks have managed to hold their uptrend. As long as those zones hold, the bulls will claim that the upside game is still on.
The obvious focus is now squarely centered on Elmer's briss. I'm not sure how much snippage the Fed chairman will unleash but, either way, the message is clear. They want to reflate the Minx by making the equity markets the lesser of two evils. That perception can morph into an upside reality (as we've seen) but, sooner or later, she'll have to be judged on her own merits and with conventional metrics. Identifying that psychological sea change will be our mission in the rain, Jerry.
As discussed earlier, the tape (or, at least the S&P) seemingly "wants" to trade higher (and try to fill yesterday's opening gap). It's entirely alright to get "involved" if that's your gig but make sure you identify what type of trade it is before you enter the mix. Generally, there are trades for the day, trades for a catalyst and trades for a thesis. Don't confuse or rationalize your agenda if it doesn't go your way.
In the "I've gotten some weird things but this one takes the cake" department, my old friend Tommy Carden passed along a gift from Raider great Phil Villapiano. His note read "Before John Matuszak died, he game me this outfit that he wore in Caveman when he played Tonga opposite Ringo Star." This raccoon fur shaped diaper, for lack of a better word, is now being sported by young Fokker and his opposable thumbs. Thick skin baby!
Good luck into the close.
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 email@example.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.
Daily Recap Newsletter