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Auction Powers!

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The macro tells and Europe's action don't paint a particularly green picture so far.

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I will stay one more day
Like I say--Honey, it's you
Without love in the dream
It will never come true


(Grateful Dead)


Good morning and welcome to the Minxy brew. Yesterday was deja vu all over again as Hoofy enjoyed yet another manic Monday. The grindy climb left the averages at their best levels of the year and spurred fresh talk bubbles and bubbly. Indeed, if beauty is in the eye of the beholder, the bulls be holdin' all the cards of late. Will the royal flush continue? Or will a more ominous flush occur? It's trippy Tuesday in the city of critters, team, so power up, settle down and let's get shakin'.

As any teenager can tell you, acne has a way of festering before it eventually clears up and the recent market breakouts are no exception. After a textbook retest, Hoofy's heroes picked up right where they left off and lit fire to the fur. With each flickering uptick, you can almost see the ursine army raising their white flags. You can't really blame them--the short side has been one helluva war this year!

Make no mistake, performance pressure is reverberating through every level of our business. Portfolio managers are anxiously eyeing quarter (and year) end, analysts are rushing to upgrade the dust and many traders who haven't beaten are looking to join. It's an emotional time for the markets and, by extension, those of us who focus on them daily.

I can't tell you when this ends--powerful agendas and manic sentiment combine for a toxic potion. My biggest fear (for Boo in the short term and all of us in the future) is that the Fed is unknowingly engineering another mini-bubble with hopes that end demand catches up with capacity. We've certainly seen previews of this script (Nikkei, NASDAQ) but only time will tell if housing, debt, derivatives and psychology follow suit. If so, we'll likely have to change Elmer's moniker to Mr. Bubble!

In the meantime, all we can do is dance, Spider, and play the hand we've been dealt. Our daily tells remain much the same--financials, breadth, retail, Intel (INTC:NASD), Microsoft (MSFT:NASD), General Electric (GE:NYSE), Cisco (CSCO:NASD), Citigroup (C:NYSE) and bonds. It should be noted that Europe is noticeably sloppy, gold is ripping higher and the dollar is weaker this morning. In the past, that's been a recipe to keep our right hand up.

Finally, without further ado, I am proud to announce the official start to our charity auction! The winner will receive two VIP tickets and be featured in animated caricature form in the new Minyanville trailer that will premiere at the Critters Choice Awards in New York City on November 12th. Please join the Saturday Night Live Band, Warren Buffett, Jimmy Fallon, Santana, the cast of the hit show "American Chopper" and a host of other stars in supporting this worthy cause! "Worthy Minion" (a Bronco fan!) wasted no time this morning with a generous bid of $10,000! To view the progress and our updated CCA site, please click on the banner to the right. And thank you Minyans--a lot of children are gonna reap the rewards of your generosity!
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 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.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

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