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Bum and Bummer


May peace be with you!


"I'm talking about a place where the beer flows like wine, where the women instinctively flock like the salmon of Capistrano. I'm talkin' about Aspen!"

--Lloyd Christmas, Dumb and Dumber

The quiet riot has suddenly picked up in pace as the macro funds waxed the futures en masse. That slippage pushed the indices through yesterday's lows and, once that happened, the "marginal" longs hit the eject button. Next up on the technical front is the "neckline" from our much discussed head and shoulder patterns. Again, those levels reside around S&P 972 and NDX 1188ish. These shorter term bearish patterns (if 'triggered') are not to be confused with THE trendlines from the March lows. In that regard, my chart work shows that the S's have nudged through (support) while the NDX and BKX are (barely) holding on.

Today's "bid vacuum" illustrates the dangers associated with this tape. While the Minxy musical chairs kept the bulls on the dance floor, the conditional downside elements lurked in the background. That's not to say it's all over right here, right now (there's a lot of trading left in this session), but it serves as a reminder that Boo's crew, while a shadow of their former self, warrant respect in their own right.

In my absence next week, please remember that emotional markets tend to act irrationally at times. We've been using the technical metric as a backdrop and while that still applies, psychology and the structural influences will both help shape the tape. Once the quarter passes, it'll likely take a few days for the manicured managers to reposition their risk. That, coupled with the illiquidity of the holiday week, will add noise to an environment that's already pretty loud.

I'm gonna sign off and tie up my own loose ends so lemme take this time to wish you all a healthy, happy and safe holiday week. These last six months have been a journey through the good, bad and fugly and it hasn't always been the easiest of roads. I've learned a lot, shared my gains and pains and, hopefully, helped further Minyanville's vision of education and philanthropy. I truly believe that we're building something extremely special here and without you, none of it would be possible. For that, you have my sincere gratitude for joining us on our journey.

Have a peaceful week and, as always, fare ye well.

In a bed, in a bed
By the waterside I will lay my head
Listen to the river sing sweet songs
To rock my soul

(Grateful Dead)
position in spy

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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