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A Chorus Line


May peace be with you!


California sunlight,
Sweet Calcutta rain
Honolulu starbright
The song remains the same

(Led Zeppelin)

Elmer's ride arrived in stride and left rates true and tried. Indeed, the song remains quite unchanged and the critters are left to dig through the text. It's no shocker that the Fed's goal is to remain accommodative--they've been quite clear on their agenda--the zillion dollar question is one of credibility. If you recall, Gray Davis, that was THE issue during the early summer swoon and remains the potential fly in the policy ointment.

The Minxy reaction was fickle and illiquid before settling back into the mode du jour. Despite the blink-and-ya-missed it mini-dip, the internal breadth didn't budge and the brokers held tough. As Hoofy and Boo stare each other in the eye, we're now well on the way to an upside try. Watch S&P 1020 (NDX 1350) as a support zone and S&P 1033 (NDX 1388) as the next resistance.

While we've discussed the acne in the all-important brokers, keep half an eye on the traditional banks. The piggies have lagged--in part, due to Bank of America (BAC:NYSE)--and need to pick up the pace if we're to truly race. BKX 850-900 is an uber-important range and the resolution (one way or the other) will go a long way in showing the way.

While Hump Day looms and plenty of actionable catalysts remain, I'd like to offer some quick perspective on market directive. It's entirely alright to form an opinion based on an assimilation of various inputs--we all do that, at some level, and identifying the proper guides is half the battle. I will simply offer that two-sided risks remain in the marketplace and we're each responsible for our own financial choices.

That thought was triggered as I watch the economic "pundits" on television report clear skies ahead. I was a guest on one of these commentator's show in December 2001 (when the market was ripping higher) and, at the time, he brazenly challenged me for having a negative bias. Eight months and 50% lower, the notion of a bear market didn't seem so foreign.

My point--and those that know me understand what I'm saying--is that everyone is wrong at times. While it certainly seems as if the upside momentum is building, the only person who will answer to you is you. Make smart and unemotional decisions and factor in all potential outcomes (while leaving room for a margin for error). At the end of the day, you're the one who will reap the benefit or burden.

Minyan Neal Greenberg ends the day on top of the leader board with two and a half days remaining in the animated auction. I know a few Minyans are lurking in the corners and Friday's high noon cut-off should be interesting! Either way, the real winner will be the kids as a broad range of children's charities will benefit from the Minyan generosity. At the end of the day, that's the best profit there is.

Have a peaceful night.

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.

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