The opening flurry is noisy (as expected) as traders dive back into the hive. The early buzz on the street, as gauged by my morning calls, was overtly bullish. Indeed, most every player I spoke to wasn't debating if the Minx would rally...they simply questioned the magnitude. That's been a dicey (albeit nonsensical) sign in the past.
I mostly watched the first half hour and, aside from a Fannie roll (FNM:NYSE), slowly edged back into the mix. The semis stand out on the sell side (after their spirited sprint) and that's weighing on the collective sentiment. On the big board, my eyes keep migrating to the brokers as some interesting charts are floating around. If they can sneak a bit higher, it appears as if some of those names could give bullish signals.
There's gonna be dynamic news flow coming out of this week's conferences so stay on your toes. Smith Barney and Cowen both have tech fetes while Lehman hosts an energy bar. In the meantime, I'm hearing rumblings of alligator sightings (out of stocks into bonds) and while I can't confirm that, I wanted to make sure you saw it.
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 firstname.lastname@example.org.
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.
Daily Recap Newsletter