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Ring Ding!

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The trading wires are jumpin' with news of the 10:30 Dubya news conference

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You say, you want
Diamonds on a ring of gold
Your story to remain untold
Your love not to grow cold


(U2)

Alright, now that I've got that goofy rhyme thing out of my system, it's time to put our serious hats on and look at what's what. An old friend of mine (no, not you Neil) once said that a little levity goes a long way--and I assume he wasn't referring to the levitation migration engineered by Elmer & Co.! Smiles are good, no matter how you slice 'em, so please understand that there's a method to the madness.

Whenever you have a love/hate/love/hate market--all in the same session--it's bound to make Ms. Lizzy dizzy. One minute , the Minx looked poised for flight with her wings spread bright. The next, it appeared as if she was about to get smeared. I'll say this--these spinning wheels are either gonna gain traction and race out of the muck or spit mud into the faces of the equity chasers.

Today's one of the quieter days in recent weeks and that'll leave the Minx up to her own devices. We're still very much range bound in the S&P and, as it stands, the NDX trendline (from the March low) lurks below at NDX 1265ish. Those are the levels that everybody and their sister is watching so be forewarned, when we break out of this range (either way), there will be a mad dash to chase (raise) cash. Also be aware of the potential for a false signal (when this many people are staring at the same chart).

Overnight, the Jinx was off a deuce and Europe is flattish. Keep half an eye on the bonds today as the meltage has implications for equity land. Talking to my buddy Fleck last night, we discussed the viciousness of the fixed income move and the potential that stocks may face a similar fate. The test, we agreed, will be when bonds have their inevitable bounce. Will Hoofy use that excuse for further ursine abuse?

I've gotta hop and run into a morning meeting. Remember, strategy is our strength (and not disaster) so map out a game plan and remain adaptive. These choppy and sloppy markets can cause a death by 1000 paper cuts, so don't overtrade as you search for that elusive edge. It's out there...and patience will typically bring price.

Fare ye well.
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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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