Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Random Thoughts: The Monday Market, Twitter IPO, and History Repeating

By

A look at financial happenings from soup to nuts.

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

It's a brand-new day for the markets as we fire up a fresh five-session set. As we shake the football from our brains-how 'bout them Raiders!-and focus on the flickering ticks, the following vibes are top of mind as we find our way, in no particular order:
  • With 45 sessions left in 2013, the Dow (INDEXDJX:.DJI) is up 19%, the S&P 500 (INDEXSP:.INX) is up 24%, and the Nasdaq (INDEXNASDAQ:.IXIC) up 31%; how do you spell performance anxiety? N-O-W.
  • Monday market breadth is balanced, the dollar is marginally higher, and commodities and stocks are mixed. This is considered "basing" above support (it would be "churning" under resistance) as long as S&P 1730 and NDX 3255 remain below.
  • While there are some newsworthy events floating around-accusations of spying on our allies, the threat of transparency at the Federal Reserve (something I would like to see), and chatter that Norway, the world's largest sovereign wealth fund, is wary of a stock market reversal-the stock market remains a Teflon Don.
  • Respect, don't defer, to the price action.
  • There are rumblings that Thursday is year-end for mutual funds, and that might reduce the upward thrust (as funds no longer defend positions). That remains to be seen, but it should be on your radar.
  • The banks are somewhat slinky this morning-it's all relative-as are most of the high-beta plays, including Tesla (NASDAQ:TSLA) and Netflix (NASDAQ:NFLX). As these two complexes led the tape higher, they're of particular importance as market tells.
  • Seems like old times! Hamptons Sales Surge Fuels High-End Home Tear-Downs.
  • Do I think Twitter will rock and roll as an IPO? Yes. Do I think you should buy it? Depends on where you can get it.
  • My travels, communications, and meetings have been an absolute snarl this week, lest you think Mercury Retrograde is a joke.
  • I've always liked Eminem from a distance, but his new work is particularly good if you're into that sorta thing.
  • JC Penney (NYSE:JCP) is trading near triple sixes ($6.66); maybe history rhymes for it (as it did for the S&P when it traded at 666 in March 2009).
  • A lot of smart money got caught in that name; yet another example of staying humble lest the market do it for you.
  • I'm not a fan of big money managers talking up heir positions on Twitter, but perhaps it's a sign of the times.
  • Love it or hate it, it's hard to argue with Mr. Icahn's performance of late; he bagged the elephant in Netflix, among others.
  • Crashes don't occur from overbought levels; corrections occur from overbought levels. Crashes occur from oversold levels
  • Many thanks to Syracuse Lacrosse Captain Derek Maltz for spending Saturday with the Port Washington Select Class of 2022. That pebble will ripple far and wide in the pond of life.
  • A man killed a mother and four kids because "they had too much"? Very sad but true.
  • The chart below was shared by Minyanville reader Eric, who adds, "f you told people that the move from March 2009 is like the move from 1995-2000, I don't think that they would believe you." 'Tis true, and while the percentage move was much greater back then, the absolute move is quite the coincidence-or is it?
  • Good luck this week; be the ball.
R.P.

Twitter: @todd_harrison

Follow Todd and over 30 professional traders as they share their ideas in real-time with a FREE 14 day trial to Buzz & Banter.
< Previous
  • 1
Next >
Position in SPY.

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.

PrintPRINT
 
Featured Videos

WHAT'S POPULAR IN THE VILLE