Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Canary Wharf


I just LOVE minty breadth!


Now if I tell you that you suffer from delusions
You pay your analyst to reach the same conclusions
You live your life like a canary in a coalmine
You get so dizzy even walking in a straight line


The opening flurry jams in a hurry as put sellers flood the market with paper. No sooner did the bell swell than the QQQ put fellas start hitting bids. Not to feel left out, some S&P put sellers joined the party and further spurred the blur. As S&P and NDX eyed initial resistance at 1020ish and 1360ish (respectively), the gorillas tried to bust 'em through and trigger buy stops.

It's important to remember that Elmerfests are typically (almost always) divided into two sessions: B.E and A.E. While the Before Elmer environment is wiggy and jiggy--and nobody expects the Fed to do anything today--the After Elmer balls remain unknown. They certainly act good, cookiepuss, but if history is any guide, the potential exists for some serious whips after 2:15pm.

Keep an eye on the brokers as they appear to be breaking out above XBD 600. This sector has been the driest eye in the house the last few weeks and have acted as a tremendous tell. Unfortunately (or fortunately), the financials will also be the most volatile group after Elmer so please factor that into any decision making process.

Away from the piggies, retail is a bit sluggish and pharma trades a tad heavy. The semis have regrouped and are leading the sentiment charge, which is emboldening the beta chasers and leading to an N's over S's tape. Breadth, as you might expect, in minty (2:1 positive) but, again, that could change after Elmer eats lunch.

It's early, Minyans, and there's a lot of trading left in the day. Stay on your toes and wipe your nose...the fun has only just begun. Also, with three sessions left until our high noon animated announcement, Minyan Neal Greenberg remains at large and in charge.

I'll be back.

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

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.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

Featured Videos