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Random Thoughts: Near All-Time Highs and Tense


Imagine what would happen if the tape took a 25% haircut?

  • Hoover Rover?

  • We're 7% from all-time highs and tension is this high?

  • My Gawd, imagine what would happen if the tape took a 25% haircut? Something tells me that New York City won't be the place we wanna be.

  • So, where would we move MVHQ? Hmm… Oakland? La Jolla? Tampa? Denver? Nah, can't do that, too many Donkey fans.

  • World, Hold On...

  • I scribed this morning that there are signs that the monster liquidity injections are starting to work. Or, at least that's the perception. The question is whether perception is enough, at least for the day.

  • Hat in hand and Honest Abe, I would have thought the (anticipated) probe would have been absorbed by now if the Matador Crowd was gonna dance proud. It ain't over, but it better start soon, if you catch my drift.

  • Or maybe I'm over-thinking this---shocker, right? There is the mother lode of open interest at S&P 1450, which likely explains why Munson and McCracken have been bowling for that pin all day.

  • Take a peek at this Bear Stearns (BSC) chart. See how it broke down and traded sideways under support? That's called "churning" and there are a whole heckuva lot of charts that look like that.

  • Aw Jeez! Minyan "Yes I live in the Dakotas"Jeremy asks about the VXO. Yes, I think it's too low (vs. reality) and you betcha, that's a bearish sign. I also told him that, before he goes to Hardee's for johnny cakes, he should remind himself that there are no absolute tells, just relative ones. (Think William Macy here.)

  • Your sentence is….watching this tape!

  • OK Doc, thanks for the probe... but buy me a drink next time! The downside test is starting to stress with crimson sprinkles in the financials Lehman (LEH), Morgan (MS), Fannie (FNM), Freddie (FRE) gaining steam.

  • Indeed, the financials are dancing on the precipice of mas pain. Watch these, Minyans, and let's be careful out there.

  • Across town from the three-letter frown, beta is holding onto a bid. See Google (GOOG), Research in Motion (RIMM), Baidu (BIDU)... these are all the intuitive "go to mo'mo'" year-end back-for-the-buck performance anxiety plays. The action there will help shape psychology so keep 'em on ye radar even if you're not trading 'em.

  • World, hold on...

  • Answers I Really Wanna Know…

    • Have we collectively been conditioned to expect curious rallies following Presidential press conferences?

    • So, did Jose Conseco do the right thing?

    • Minyan Peter makes some strong points, eh?

    • The VXO is flat?

    • Did President Bush really say "there is still plenty of credit to go around?"

    • Waitress, can I have what he's having please?

    • Where would this market be without the coordinated liquidity injections and The Working Group?

    • How good will the Celtics be when their chemistry gels?

    • What's for lunch?


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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

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.

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