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Monday Morning Quarterback: Eye of the Storm


Can bulls find a silver lining in the clouds?


Good morning and welcome back to the storming. As darkness descends on Gotham during an unseasonably chilly squall, all eyes turn to the tape to see if it follows suit. The clouds are threatening but that's nothing new for the 2008 market. It remains to be seen whether Hoofy can once again find a silver-lined seam.

Following a Friday morning funeral and Friday night Florida wedding, I return to the hallowed halls just in time to launch the debut of Minyanville's Buzz & Banter Television, which will air daily on Fox Business network at 11:30 AM and between 3:00 and 4:00 PM EST.

The Truman Show? Perhaps, but our goal is to extend the sense and sensibility of our community while providing the insight, intelligence and snark that has become synonymous with Minyanville's good name. If we do this with the honesty and integrity and has come do define our approach, we'll be as sound as a pound!

Alas, as I'm in serious ketchup mode, lemme invoke some literary license and shoot from the hip as I sniff this new trip:

  • Quite obviously, S&P 1405 and INDU 12,800 (former support) are newfound resistance. S&P 1385, from what was gathered from afar, was a level where buyers emerged into the Friday muck.

  • I've long believed that higher crude is a drag while precipitously lower crude would be entirely more problematic through the lens of "asset class deflation vs. dollar devaluation." What remains to be seen is whether (hyper-) inflation finds friendly perception in "disinflation" and, dare I say, "Goldilocks" before the Phantom of Deflation arrives.

  • My positions, after peeling off my Merrill Lynch (MER) puts while on the Jersey Turnpike Friday morning, are consistent with what we've recently discussed, albeit smaller (I hate blind risk). Long the papers, short some drillers and alotta dry powder to hit it and quit it.

  • Snaps to Television's JeffMacke on his consistent Disney (DIS) vibe, which was again echoed by Barron's over the weekend.

  • The two biggest stories on the weekend radar? FedEx (FDX) (today's reaction to the news is more important than news itself) and the geopolitical unrest in Lebanon. The price action in crude is forward-looking and we've openly wondered if Iran was the root cause. Keep an eye on that region, please, while sending white light to one and all.

  • This face for radio has to hop. Happy Birthday Belle and have a great week Minyans!


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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