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Random Thoughts

By

I think the tape acts pretty dry given the action in Intel and Yahoo!

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  • Today's tape hasn't failed, it just experienced some deferred success.

  • NYSE internals are positive. Impressive, given the news, views and fixed income pooh.

  • S&P 1220 and DJIA 10,600 are technical bogies to monitor in the muck.

  • Nosty implication for the BKX.

  • "The after-hours sell off in Technology may lead to further consolidation, but we do not believe that it falls into the same vein as a climactic reversal. The recent Rydex data shows continued skepticism in the Technology space as sector fund assets stubbornly refuse to endorse the technology move. In an apparent conflict, option data suggests complacency, while macro long/short data from Rydex shows bulls and bears with equal allocations. This data does NOT imply investors are throwing caution to the wind, instead they seem to be treading cautiously in every aspect of their decision making ex-energy." -- Lehman technician Jeff DeGraaf

  • Vibes from behind Elmer's uber-thick glasses...
    • He sees "sustained economic growth" ahead for the US.
    • He sees "unsustainable home price froth" in some places.
    • He opined that "borrowers may be vulnerable to rate rise."
    • The Fed "must continue to raise interest rates."
    • Inflation pressures are likely to be "contained"
    • Sequential Q4 growth is expected to be 3.25%-3.5%.

  • Pass the Herb!

  • Newmont (NEM) is edging back to the '05 down trendline. I still think that this name--and Exxon (XOM)--are the Citigroup (C) and Microsofts (MSFT) of tomorrow (not advice).

  • Circle this day on the calendar-it's likely the "official" beginning of the age of isolationism. If you're China, the gloves are likely gonna come off.

  • If the purpose of the journey is the journey itself, at least our trip through Ojai will be paved with great tunes!

  • We flagged the switch flippage in the semicaps early this morning and they continue to ramp. Novellus (NVLS) is up 5%, Kla-Tencor (KLAC) is 3% higher and Applied Materials (AMAT) is hitting for the hat trick. That jig has sparked the SOX to Matador City despite the fright in the Mother Chip.

  • No, I don't dislike Elmer. I just think that his policies are gonna put an unsustainable burden on my kids and grandkids. And that's simply not acceptable.

  • You don't have to agree with the price action, you just need to respect it.

  • Single digit vols. Spooky, in an ironic sorta way.

  • How can an economy grow despite stagnant conditions and muted wage growth? In a word, debt.

  • T-minus four hours till Succofest...

  • Amgen (AMGN) was good. But was it really that good?

  • We've been slammy and jammy behind the scenes as we prepare for the grandest execution of the Minyanville vision to date. The feedback has been phenomenal-folks are coming from around the world-and we're striving for an upside surprise despite the height of the bar.


    R.P.
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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