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Miracle Workers

By

No matter what the odds or however steep the climb, you gotta believe in your dreams and take your shot. Who knows, you just might change the world!

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It takes dynamite to get me up
Too much of everything is just enough
One more thing I just got to say
I need a miracle every day

(Grateful Dead)



There was a Miracle in Manhattan last night as MVHQ gathered to support a most worthy cause. The frisky Times Square frolic was an opportunity to relax, kick back and spend some vibe time with the 1980 Olympic hockey squad. The highlight of the evening arrived towards the end, when the team captain pulled the jersey off his back, looked us in the eye and scribed:

"To the Miracle of Minyanville, Always Believe. Mike Eruzione. 80-Gold"

The takeaway from the ice capades? Well, for one, if these were the same fellas that beat the Russians, I'm officially old (was that really 27 years ago?). Second, no matter what the odds or however steep the climb, you gotta believe in your dreams and take your shot. Who knows, you just might change the world!

In other, more financially pertinent topics…

China has all of a sudden become a controversial topic, with two camps forming on either side of the bubble debate. I scribed the Chubby Checker column before Elmer put it front and center, but it's not necessarily "news."

Listen, nobody is debating that China is the growth engine of the world. They've got the Motts in more ways than one. I will note, however, that the market is a leading indicator and the 248% rally over the last 17 months is likely discounting the good news we see today.

It's tough to see a bubble without the benefit of hindsight. In fact, I vividly recall the rationalization and justification of the dot.com stocks into the teeth of 2000. Many of those companies are still around and thriving in kind but despite the recovery, the Nazz remains 50% lower than it was. If you bought into the story, you were right-but you're still well under water.

Perhaps the angle to focus on is the fact the hedge funds now have as much as $50 billion invested in China's stock markets. In a derivative-laden financial fabric-and one that is loosely regulated at that-a butterfly in Asia could have a profound stateside affect, whether you're invested in China or not.

Wrapping 'em up with a few Random Thoughts…

  • Oil of Oy Vey? Keep Iran on your radar as the War Games begin in the Persian Gulf. The large flotilla of US ships-chock full of 17,000 troops-arrives a few days before US and Iranian ambassadors are due to meet in Baghdad.

  • One of the oldest trading tricks is to monitor stocks (sectors) that open flat to down in the face of jiggy futures. Such was the case yesterday when the semis opened heavy and weighed on the Nazz. When the NDX futes couldn't get out of their own way all day, the stage was set for the afternoon supply. And yes, this all took place before Alan Greenspan uttered his opinion.

  • The Haves and the Have Nots, Wall Street style? The top 100 Hedge Funds passed the $1,000 billion mark for the first time and now control more than two-thirds of all hedge fund assets.

  • Levels of Lore for Traders Galore? S&P 1527, natch, along with our double secret financial duopoly levels of BKX 118 and XBD 260. Those latter matters will wag the dog, so to speak, so keep 'em front and center.

  • These are exciting times in the media space and we've got the best in breed bringing you up to speed. President Fish, the former founder and CEO of the digital group at Jwalter Thomson, offers his take on what's up-and what's going up-in the space. Don't miss it!

  • There are some massively exciting initiatives in the pipe at the city of critters. I'm not allowed to pull back the curtain just yet but take me at my word, they're snazzy! I'll also share, in response to many inquiries, that we're thinking of a mid-October MIM4 in Napa. After all, I gotta give Succo a shot to win the Minyan Softball trophy back!

  • Fare ye well, my friends, and hit 'em hard.


R.P.

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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