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A Bird's-Eye View of the Stock Market

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Pick your spots -- and balance your time.

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One day he'll be old enough to understand-and yes, fight the good fight for himself-but for now, I'm content to let his travails focus on issues entirely more relevant for a nine-year-old, for his innocence-the wide-eyed passion, thirst for knowledge and adorable manner-should not be wasted on the same lessons that are (in the process of) being taught to policymakers, politicians, and yes, the rest of the civilized world. Make no mistake-just as a certain president prematurely declared "Mission Accomplished" a few years ago, a similar situation is evolving in the system formerly known as capitalism.

One day, we'll look back at this and it will all seem funny but for now, and despite the headlines, it's anything but, all-time highs notwithstanding.

The Stock Market: Are We There Yet?

In short, the answer is no-at least in terms of the price action. We saw a probe lower yesterday morning-thanks Fletch!-and true to form, or the form since November 16-the tape responded with some upside vigor. You can agree, disagree, or agree to disagree with the "why," "what" or "how," but you cannot ignore what we've seen and yes, continue to see.



In terms of the broader market, you know what I know-that S&P 1580 is the next tradable technical context. We also know-the other way-that any violation of S&P 1525, NDX 2750 and/or BKX 54 would raise a red flag (literally and figuratively). That's the current stair-step, and we're just playing, playing in the band as we sort out this Grand Experiment.

Respect, but don't defer, as we continue to find our way.

Random Thoughts:
  • This Yahoo Finance video is a real-time example of what hair deflation and weight inflation look like.
  • View obstacles as opportunities and problems as possibilities; it will change your world.
  • It's still Mercury Retrograde (ugh; true!) but we should find some relief after March 17.
  • Technical analysis dictates that the time to buy (sell) a breakout (breakdown) is upon the retest of those levels. In real-time parlance, that's S&P 1525/1530 and NDX 2750/80.
  • George Friedman of the always excellent Stratfor Global Intelligence report, offers his thoughts on why social mood matters in Europe.
R.P.

Disclosure: Minyanville has a business relationship with BlackBerry.

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.

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