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Todd Harrison: Thoughts on Janet Yellen's Congressional Testimony
How can social media valuations be considered "high" when the sector is new?
Todd Harrison    

This article was originally posted on the Buzz & Banter where subscribers can follow over 30 professional traders as they share their ideas in real time. Want access to the Buzz plus unlimited market commentary? Click here to learn more about MVPRO+.

I'm listening to Federal Reserve Chairwoman Janet Yellen with the rest of the world -- OK, the rest of the world who has a motivated interest to do so -- and I have a few thoughts.

First, of course, she's going to play the data-dependent card. I mean, why wouldn't she? She learned her lesson in her first speech with regards to suggesting the timing of policy, and this approach -- while old and, dare I say, extremely tired -- provides maximum flexibility, which is necessary when trying to dig out of a hole that is bigger than the Earth itself.

Next, the comment about small-cap biotech and social media valuations being a bit high relative to historical norms is curious. Just what, exactly, are the "historical norms" for a brand-spanking-new social media sector? And, in lieu of small-cap biotech, shouldn't she have just said that speculation in cannabis stocks is ahead of itself? While I own a lone speculation play in the group, I don't disagree with her assessment, per recent comments.

Are false dawns (a false start for an economic trend) the other side of green shoots (the start of an economic recovery)?

Market breadth is 3:1 negative, and the banks have moderated, although JPMorgan (NYSE:JPM) continues to hold the lion's share of its post-earnings gains. Goldman Sachs (NYSE:GS), not so much, although it's still up a buck. I wonder when the insider window is going to open for the smartest guys in the room? I would think sooner rather than later.

R.P.

Twitter: @todd_harrison

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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.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

Todd Harrison: Thoughts on Janet Yellen's Congressional Testimony
How can social media valuations be considered "high" when the sector is new?
Todd Harrison    

This article was originally posted on the Buzz & Banter where subscribers can follow over 30 professional traders as they share their ideas in real time. Want access to the Buzz plus unlimited market commentary? Click here to learn more about MVPRO+.

I'm listening to Federal Reserve Chairwoman Janet Yellen with the rest of the world -- OK, the rest of the world who has a motivated interest to do so -- and I have a few thoughts.

First, of course, she's going to play the data-dependent card. I mean, why wouldn't she? She learned her lesson in her first speech with regards to suggesting the timing of policy, and this approach -- while old and, dare I say, extremely tired -- provides maximum flexibility, which is necessary when trying to dig out of a hole that is bigger than the Earth itself.

Next, the comment about small-cap biotech and social media valuations being a bit high relative to historical norms is curious. Just what, exactly, are the "historical norms" for a brand-spanking-new social media sector? And, in lieu of small-cap biotech, shouldn't she have just said that speculation in cannabis stocks is ahead of itself? While I own a lone speculation play in the group, I don't disagree with her assessment, per recent comments.

Are false dawns (a false start for an economic trend) the other side of green shoots (the start of an economic recovery)?

Market breadth is 3:1 negative, and the banks have moderated, although JPMorgan (NYSE:JPM) continues to hold the lion's share of its post-earnings gains. Goldman Sachs (NYSE:GS), not so much, although it's still up a buck. I wonder when the insider window is going to open for the smartest guys in the room? I would think sooner rather than later.

R.P.

Twitter: @todd_harrison

< Previous
  • 1
Next >
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.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

Todd Harrison: Thoughts on Janet Yellen's Congressional Testimony
How can social media valuations be considered "high" when the sector is new?
Todd Harrison    

This article was originally posted on the Buzz & Banter where subscribers can follow over 30 professional traders as they share their ideas in real time. Want access to the Buzz plus unlimited market commentary? Click here to learn more about MVPRO+.

I'm listening to Federal Reserve Chairwoman Janet Yellen with the rest of the world -- OK, the rest of the world who has a motivated interest to do so -- and I have a few thoughts.

First, of course, she's going to play the data-dependent card. I mean, why wouldn't she? She learned her lesson in her first speech with regards to suggesting the timing of policy, and this approach -- while old and, dare I say, extremely tired -- provides maximum flexibility, which is necessary when trying to dig out of a hole that is bigger than the Earth itself.

Next, the comment about small-cap biotech and social media valuations being a bit high relative to historical norms is curious. Just what, exactly, are the "historical norms" for a brand-spanking-new social media sector? And, in lieu of small-cap biotech, shouldn't she have just said that speculation in cannabis stocks is ahead of itself? While I own a lone speculation play in the group, I don't disagree with her assessment, per recent comments.

Are false dawns (a false start for an economic trend) the other side of green shoots (the start of an economic recovery)?

Market breadth is 3:1 negative, and the banks have moderated, although JPMorgan (NYSE:JPM) continues to hold the lion's share of its post-earnings gains. Goldman Sachs (NYSE:GS), not so much, although it's still up a buck. I wonder when the insider window is going to open for the smartest guys in the room? I would think sooner rather than later.

R.P.

Twitter: @todd_harrison

< Previous
  • 1
Next >
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.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

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