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Random Thoughts: A New Bull Market?

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S&P 800 is the near-term level of lore

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We often say that, as traders, the destination we arrive at pales in comparison to the path we take to get there-and that's true. Still, as a point of perspective, please note that the S&P and DJIA are still off double digits this year and 50% from the highs.

This morning, Templeton's Mark Mobius offered that the bull market has begun. If by "bull market" he means "cyclical bull nestled within a secular bear," I completely agree (I offer that tongue in cheek as bull markets are generally defined by 20% moves, which we've already seen in both the S&P and DJIA).

Putting one foot in front of another, next Tuesday is the quarter-end and the burning rubber you smell are spinning tires in hedge fund community trying to catch-up with their benchmarks. We flagged two milestones when we last spoke-the big bang theory before expiration (check) and performance anxiety into quarter-end (stay tuned).

Markets rarely crack when everyone is expecting them to. That was part of my rationale for trading from the long side when the S&P had a six-handle-we were stopped out against Armageddon-and, conversely, we offered that S&P 800 was the near-term level of lore on the upside.

For my part, following a few days of focusing on the important stuff, I'm gonna let the tape come to me. By that, I mean I wanna watch a bit, juxtapose our technical levels (a better context than catalyst) and get my bearings before risking my hard earned coin. I wanna make hay when the sun shines but I won't need corks on my forks for not proactively positioning.

While I have you, I would like to draw your attention to Professor Rob Roy, President of Atlantic Advisors, who shared his valuable fare with Minyans this morning. He, Tom Fant and the rest of the Atlantic team are top notch and will continue to build Bennet's legacy with the full throttle support of Minyans around the world.

As always, mis ojos son tus ojos y mis oídos son tú los oídos as we find our way. Hit 'em hard and straight and when in doubt, ask yourself W.W.B.D?

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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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