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Random Thoughts

By

Where's the love?

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  • Baby got gas!

  • Our fabled Fed chairman hit the tape this morning with commentary that was a bit more guarded than most folks expected. "Highlights" include:

    • The Fed is paying closer attention to asset prices.
    • Investors are accepting ever-lower risk premiums.
    • Investors shouldn't assume long-term stability.
    • Policy is increasingly driven by asset changes
    • Fed policy making is based on 'risk management'.
    • Higher market values 'can readily disappear'.
    • Protectionism and the deficit threaten the US economy.

  • I dig the honesty-finally-but agree with Succ and Scotto that this is akin to the referee calling a foul on himself.

  • Where's Farley?

  • Keep NDX 1550 (uptrend from the May low) and 1535 (200-day) on your radar as we trudge ahead. Alotta bulls are bettin' that the trendline support will hold in the context of the oversold condition.

  • Homies don't pay!

  • Be careful with the SPY!

  • Macro Chatta

  • I walked into a spa once and told them that I wanted to try yoga. They asked me if I would be interested in Ashtanga and I responded "no, just some plain vanilla yoga."

  • Citigroup (C)--which led the broader tape lower--is trying to put on a brave face today. Even so, BKX 98-support since May-is now in the rear-view mirror.

  • Just remember, the NDX (trough to peak) bubble was twice as large as the Nikkei and they're still diggin' their way out of the hole.

  • Have you seen today's breadth? Fugly is what fugly does.

  • That's some textbook dandruff in Toll Brothers (TOL).

  • Between Iraq and a hard place.

  • Wax on?

  • Many thanks to our friends at Thomson Financial for their support of the Minyan mission.

  • I shared some geese with a former senior executive at General Motors (GM) last night who now serves as a consultant to some of the largest manufacturers in the world. He believes that the US has some serious disadvantages when it comes to competing in this new era of globalization. Indeed, General Motors has become a bank that happens to sell cars and has substantial risk in a finance based economy.

  • You tell me. Glove. Ball. Hand. Safe.

  • The best part about summer ending? Easy...football season is here! Go Raidas!

  • The nets trade particularly dry. If Snapper shows up--which I highly doubt given the internals--this sector will likely lead the speed.

  • Will Hoofy be so lucky?

  • "For those timing the Greenspan comments ... don't forget he gave his Irrational Exuberance speech in Dec, 1996. The equity market then doubled over the next 3 years." -- Snoop Tony Dwyer of FTN Midwest Securities.

  • On second thought, I take back that jab at Farley.


    R.P.
position in tol

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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