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Spinning Wheels

By

Fare ye well into the bell!

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Highway run
Into the midnight sun
Wheels go round and round
In my mind


(Journey)


The bipolar friction and heated debate has set the stage and laid the bait. What remains to be seen is whether the low hanging fruit (that is the most telegraphed acne in recent history) will follow the path of conventional wisdom or burn the technical herd. We all know about the vaunted pop-and-drop (please see gold) and if the equity fray trades the same way, there will be alotta bitter critters in our midst.

Today's trade was very sector specific as the semis flexed (beta play), retail flailed, the metals got smelted and the brokers buoyed the fragile financials. What's interesting is that the cyclicals trade firm (for now) while the mortgage lenders are tellin' ya that higher rates do, in fact, matter. Yes, Elmer's hike is more telegraphed than Samuel Morse but extrapolating the ripples remains subjective and, to a degree, conjecture.

I, for one, will be glad to get this quarter over with. Not necessarily because it's been difficult (it has) but because the stock jockeys are crowdin' and crampin'. I'm not certain that tomorrow will quell the anxious swell, however, as we have Beeks on Friday and a three-day weekend thereafter. There are clearly opportunities to make some cake but now, more than ever, requires a disciplined approach and cogent strategy.

I've gotta jump as I'm already late for my end of the day meeting. I sincerely hope that ye faithful had a fine day and that you have an even better night.

Fare ye well.

R.P.
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No positions in stocks mentioned.

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 todd@minyanville.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.

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