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Random Thoughts


Are the hedgies pressing the downside?


  • The Chinese auto torture.

  • What do Boo and the Red Sox have in common? They're both in the hunt for a red October.

  • "Well-timed silence hath more eloquence than speech." - Martin Fraquhar Tupper

  • With the SOX a kitten's whisker from the '04 lows, is it safe to say that field position (heading into Intel's mid-quarter update) is "heelsy?" Boo would argue that the latest lift is a continuation of the downtrend as the semis have repeatedly failed at the upper end of the channel.

  • Speaking of Intel (INTC:NASD), please note the $22.5 level--it's where the stock broke down and has offered resistance on each try higher. That's the upside "line in the sand" as we trade ahead.

  • The VXO (volatility index) is up 4% but still below the sweet sixteen level.

  • Don't be such a Munson!

  • Speaking of Intel yet again, I just hung up with an uber-smart buddy of mine who has been white hot on the fundies this year. I mused to him that every hedgie I've spoken to recently is short the name into the mid-quarter (with good reason!) but wondered if it was a tad pressy. The takeaway was one of horizon--we were in agreement that the stock (and sector) has "issues" ahead but were both wary of near-term snappage.

  • Hoofy wants to come back in his next life as an aircraft.

  • Breadth remains positive in the old school despite news from Beeks that was worse than expected. The Chicago PMI came in at 57.3 (vs. exp. 60) and Consumer Confidence registered 98.2 (vs. 103.5).

  • We don't wish harm on anyone and, as such, extend our sympathies to the Donkey fans.

  • Crude ($41.60) is off 1.5% in morning trade and has edged through a few important levels. $42.10 was the 50-day moving average and the level where it broke out in July.

  • Metal equities continue to trade independent of their underlying commodities (third session in a row) as the XAU tacks on 1.5% despite flattish gold and slinky silver.

  • Maybe I'm hangin' with the dour crowd but I've spoken to alotta hedgies who are pretty short tech.

  • What is it they say about a fool and his money?

  • The bulls are staring at S&P 1080 as a level they "need" to hold if their visions of inverse dandruff are to come to life.

  • Shhh! Fokker, lower your voice!

  • The BKX stochastics remain twisty and extended. They can surely stay that way for a while (see 2003) but it's worthy of a mention.

  • I'll be MIA a bit this afternoon as I tend to an uber-important business matter. Thanks for the understanding.

  • Wanna earn while ya learn? Become a Minyan Ambassador and take a piece of the critter pie!

  • Please note the dollar drippage on the heels of the softer data. The DXY has (thus far) failed anew at the all-important 90 level.

  • Critters gone wild!

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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

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