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Todd Harrison: Let the Summer Countdown Begin!

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Monday morning perspective for the financial set.

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Editor's Note: Todd posts his vibes in real time each day on our 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.

We fire up our systems for another five-session set as I work from my home office today, juggling a few parental to-do's with my daily professional duties. The wind is blowing the newly blossomed trees outside my window as my daughter plays in the grass; she turned three on Saturday and perhaps I'm being reflective.

Four years ago, you would have found me holed up in Manhattan, working harder, not smarter, and striving for balance while busting my hump trying to take Minyanville to the next level. I'm still busting my hump -- now more than ever -- but life is more complete these days and I'm pretty grateful for that.

When I began writing at TheStreet.com in 2000, I was 31 years old; Minyanville launched two years later and it's been a pretty wild trip. There have been a number of phases and stages, not just for me as a person or for the company, but for the markets and the world -- a lot has happened in the last 14 years.

As we ready for yet another freaky week, one that will dovetail into a holiday weekend, I can't help but think about how our journey continues.

When I first stepped foot in Morgan Stanley (NYSE:MS) in 1991, I had no idea what would unfold over the following 24 years. When I look at the chart below, it somehow captures more than market movements; it reflects the ups and downs of my life -- maybe not on a precise time line, but certainly the general gist. And yes, in terms of happiness, it feels like I've broken out to the upside; very lucky indeed.



As far as the tape, we posted the blurb below late Friday as the tape popped to the upside.

I'm being told that a buy program came in and took the tape up to S&P (INDEXSP:.INX) 1873, triggering buy-stops on the range break and new daily high.  Of course there could be a "why" behind the "what," or maybe we just shouldn't short a dull tape.

This morning, as we enter the next pre-summer run, the tape continues to find it's way.  Take a deep breath, watch our daily tells, and manage your size -- liquidity will get thinner as the week progresses. 

Random Thoughts:

  • Get SMART (Money Index)?  OK, the updated chart is below.
  • Banks as a leading indicator for the broader tape?  Sure, why not -- here, that is.


     
  • I wish I could talk about more cannabis plays, but it's our editorial policy not to discuss stocks with less than a $500 million market cap. I've been tracking GW Pharma (NASDAQ:GWPH) for over a year, and it was a six-bagger -- but rules are rules for a reason. In terms of GW Pharma itself, I'm watching it but haven't gotten back involved yet (I sold it between $67 and $71 a few weeks ago).
     
  • A little perspective: The Dow (INDEXDJX:.DJI) is down less than 1% YTD, the S&P is less than 2% YTD, and the Nasdaq (INDEXNASDAQ:IXIC) is down 1.5% YTD. We've lost a lot of hair follicles running to stand still.
     
  • NDX (INDEXNASDAQ:NDX) 3400 is the level of lore, per the fouth chart below.  You heard it here first, if and when.
R.P.

Twitter: @todd_harrison

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No positions in stocks mentioned.
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