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Random Thoughts: Be Careful What You Wish For


That serious slippage in Texas Tea, coupled with a rise in the dollar, could lend itself to the path of maximum frustration?

  • When we say that sentiment is such that cats and dogs are holding paws, we're not kidding!

  • We're seeing upside call buying in Qualcomm (QCOM) on (unconfirmed) speculation of a post-close conference call with Nokia (NOK).

  • Bottoms are points and tops are processes. I offer this thought-as foreign as it sounds-as we ready to edge into earnings season.

  • A wise man once said that if enough people tell you you're drunk, you better go lay down.

  • If enough companies voice concerns similar to what we heard from Ryder this morning, they might close the bar.

  • That would, of course, leave Ben Bernanke and Hank Paulson without day jobs.

  • Yeah but is she happy? She is? Darn!

  • The Following Buzz took place between 11:00 AM and 12:00 PM

    Canadian Flying Ants & Banter

    Did you ever get a feeling--a sense--an omen, if you will, that things just aren't meant to be? I got that vibe Friday night as I watched Joba Chamberlain unravel in the face of that nosty bug infestation. Hope springs eternal, however, as the Bronx Bombers fight for their life anew.

    The same can be said for the bears.

    Following a stretch that saw the bulls brushed back by bad news and return with a fury, we begin our freaky week with a crimson tint. Stepping out of a Monday morning meld (I know, right?), these are the first few things that stand out of these old eyes:

    • Asset class deflation vs. dollar devaluation. The greenback is higher (DXY +50 bips) while crude (-2.5%), gold (-1.2%) and equities (S&P -60 bips) are retreating in kind.

    • Beta (Amazon (AMZN) to Google (GOOG) to Research in Motion (RIMM) to Apple (APPL) to (BIDU)) hangs tough, as does the SOX, which is holding on by a thread to Matador City Status.

    • The all-important financials are laggy, paced by the 4% leakage in Bear Stearns, as the piggies continue their quest for non-confirmation (watch BKX 111.50) and the brokers chill their heels under a few resistance levels.

    • Breadth, as it stands, is 2:1 negative. The longer that endures, the more likely a heavy close becomes.

  • Rollin' with the Coops De Ville…

    "Boomerang? An hourly chart of the S&P, seen here, shows it has pulled back to hourly support. A break below the June highs of 1540 may indicate a boomerang pattern playing out, much the same as occurred in July at the breakout on July 12. It's an interesting inflection point if any failure plays out here, seasonally and cyclically speaking." Professor Jeff Cooper on today's Buzz.

  • Answers I Really Wanna Know…

    • Vuja De, will the "N's over S's" pull up the former or splatter the latter?

    • Are you identifying four-letter freaks to play should Snapper emerge?

    • How 'bout old school stocks to lean on if the worm squirms?

    • Does the 2:1 negative breadth tilt the scales in Boo's favor?

    • Didn't we say last month, when everyone was freaking about the price of crude, to be careful for what you wish?

    • That serious slippage in Texas Tea, coupled with a rise in the dollar, could lend itself to the path of maximum frustration?

    • Particularly after the indices "broke out" and pulled the technical types to the table?

    • But have we broken out enough such that performance anxiety has really kicked in?

    • As there are only so many spots available for the December 7th Festivus (after accounting for all our snazzy professors and partners), are you prepared to claim your fame as early as tomorrow?

    • Does those faux Schwab cartoons freak anyone else out?

    • What will Minyan Jill, the newest member of the MVHQ family, sing at Wednesday's staff meeting?


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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