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Whips and Change


Good luck into the close!


And it makes me so angry
To know that a flame still burns
Whey can't I get over?
When will I ever learn?

(Eric Clapton)

No, it wasn't a cannonball...or a golf ball...or a bullet...or a V2 rocket...or a sneeze. The first man made object to break the speed of sound is the whip. It's rumored that this first occurred in 4000 BC but absent Neil Glassman, I'm don't know anybody who can confirm the timing. Regardless, Minyan Joseph Homer was the first correct answer and he'll be sportin' a fine looking Minyanville tee this summer. Doh!

Speaking of whips, the Minx pulled a thataway on the heels of Elmer's zoo and the financials are weighing on the tape. We've discussed the gappage in the financials (below BKX 910) and once the piggy banks started to oink, the breadth shifted decidedly negative. What can we make of this? A broach...or a pterodactyl...but that's about it. The entire world is awaiting word from Mr. Chips and until Intel (INTC:NASD) reports, it's posture city.

I'd like to weigh in on the Buzz & Banter debate next door. We've just emerged from the biggest financial asset blast in history--almost twice as big as the Nikkei--and we're supposed to believe that we've burped past it in three years? There are ramifications stemming from the bubble that haven't even begun yet (read:real estate). The very fact that so many blindly believe that we're on the cusp of a new bull market is more than bearish--it's scary. That doesn't mean it's today's business. Quite the contrary, Elmer's leaving an unpaid tab for the children of tomorrow.

Turning our attention to the here and now, the wild ride on the fixed income side is raising eyebrows in equity circles. How long will it be before the talking heads start chatting up the pickup in rates as equity negative? The action is far from sloppy (so far) but we should note the continued supply above S&P 1000 and the potential change in dynamic. I still sense slippage in the midst but my trading risk is defined (puts) and I wanna hear the outlooks in tech.

I'm gonna hop and sharpen my pencils for tonight's call. Spend a few moments thinking about your time horizon, risk profile, relative edge and stylistic approach. The trick, in this business, is to focus when ya gotta and turn it off when you can. It's easier said than done but, at the same time, it's never too late to start trying.

Have a peaceful night.
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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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