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Random Thoughts: Character Witness

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You can learn a lot just by watching.

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Editor's Note: The following was posted in real time on our premium Buzz & Banter. It's being shared here for the benefit of the Minyanville community. See also Salvation Lies Within and Unleash the Hounds.


Gate Sniffage! - 9:49 am

  • Red Beans in the Green Sea? JP Morgan (JPM), General Electric (GE), Sears Holdings (SHLD), Texas Instrument (TXN), Gannett Inc (GCI).

  • You can learn a lot just by watching. If those names can't rally with the eye-popping out-of-the-gate rally, that speaks volumes.

  • What have I done? I'm offering some token exposure to respect the process as I continue to trade around some core longs. The first fade is seemingly the easy fade but I don't wanna over-trade the fade (which may or may not be wrong).

  • Raise your hand if you're looking forward to a time when weekends are actually respites (hand raised).

  • The Blueshirts looked good Friday night when I attended the home opener. As a Raider, Knick, Syracuse and Yankee fan, I'll take what I can get. Thanks Minyan Sal for the look--I take nothing for granted these days.

  • Lemme hop--I'll be back.


Character Witness! - 10:27 am

We often say that you can learn a lot just by watching. The first notable character shift occurred on Friday when, as everyone and their hamster expected a heavy close, the market ripped out the rodent eyes. My own, humble opinion is that the PPT was directly responsible for that rally but it is what it is and they'll do what they must.

The second potential shift--and this is entirely more important--is the reaction to the news this morning. As anyone with a pulse can tell you, the supply side has overwhelmed every single green screen we've seen the last few weeks. As it stands, the S's are a scant seven handles from the opening highs and the longer they can hang tough, the higher the likelihood that we'll see another leg north.

You know my current posture--I've still got two legs in the bull costume (50% conviction on the upside) after two (massive) dances with Snapper last week (in and out of an additional arm). Minyans know I'm a humble guy--if I'm not, the market will do it for me--so please take everything I say with that in mind.

One step at a time, and we'll take those steps together. Some vibage:

  • I'm giving this rally some room and will slap a trailing stop (on a percentage basis) on one of the legs in my bull suit.

  • While I see potential flies (JPMorgan (JPM), Wells Fargo (WFC), Homies), they could conceivably be the maidens we discussed in the morning missive.

  • General Electric (GE)? That's cut from a different cloth but looks like Jeff Goldblum nonetheless.

  • Love 'em or hate 'em, give some snaps to the European Union. Without their unity and leadership, our followers, er, leaders would be... uh... yeah. Let's keep this positive--nice job, blokes.

  • I'll be back.


R.P.

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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 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.

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