Freaky Friday Potpourri: Revenge of the Herds
More to this tape than meets the eye.
Jumping into it, which is taking a lot longer than usual today.
Google (GOOG), Citigroup (C) and Caterpillar (CAT) earnings are fueling a monster stock rally, or at least that's the headline that greeted me this morning. Yes, they're the spark in the dark (full disclosure, I did take a punt higher in Google at 3:59 PM yesterday, which was sold on the opening) but there's more to this tape than meets the eye.
- Expiration exacerbates volatility, as we've been saying, so objects in motion move faster than they normally would.
- S&P 1405 is creeping closer and that's a good thing. Why? It's defined risk, both as we test it (Boo will lean against it) or if it acts like a nervous teen (and breaks out, at which point it'll become support).
- "The panic is overdone, and before you know it, things are going to be just fine." So said a fellow on Bloomberg as I played ketchup this morning. Perhaps, but not necessarily. Fundamentals are one thing. Technicals are another. The structural and psychological metrics, however, remain large and in charge.
- The greatest trick the devil ever pulled was convincing the world he didn't exist.
- I'm sorry--really, I am--but if I've gotta suffer, so do you. I CAN'T GET DEBARGE OUT OF MY HEAD.
- Commodities can't find pa nub, which is a function of rotation with a snivlet of Soros tossed in.
- Could we get to that latter matter today? Sure, it's matzah thin out there and alotta folks are scooting into the holiday. Happy Passover, Yo, for those that observe.
- The most bullish thing on my screen? The trannies had the same chart as the S&P and DJIA (and they've got acne).
- The most bearish thing? Teenage Wasteland in the VXO (fear index).
- Who decides what the right or wrong side of the bed is and where did that expression come from?
- Whatever happened to Rick Moranis?
- When it feels like the world is on your shoulders and all of the madness has got you goin crazy...
- GOOG now earns more than half of its revenues (51%) from overseas business?
- Sorta the mirror image of Nokia (NOK), which reported that "first quarter sales growth was 28%; but at constant currency, it would have been 35%. The weaker U.S. dollar had a negative impact both year on year as well."?
- Why do I think of a certain crisp autumn day every time I hear the word "Nokia?"
- AC/DC or Zeppelin?
- Can I say Zepp even though I bleed Silver and Black?
- Better lucky than smart, that's what I always say. Well, that and "Do something Joel," "Discipline over Conviction," "The only difference between intervention and manipulation is communication," "Pass the butter please," "The purpose of the journey is the journey itself," "Hit me again Ike and this time put some stank on it," "It should never take something bad to make you realize you've got it good," "Go Raiders," "I just fed you Phoebe," "Hey Fish, do they sell men's clothes where you bought that shirt?" and "As always, I hope this finds you well."
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.
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