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More Random Thoughts: Social Media Stocks, China, and Key Technical Levels


From the Buzz & Banter: Todd Harrison shares his updated thoughts on the market.

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 MV PRO+.

Here are my updated random thoughts on the market as of 12:38 p.m. EDT:

Twitter (NYSE: TWTR) still trades funky, like someone has been letting the air out of the tires since the company missed on earnings.

Then again, Facebook (NASDAQ:FB) and LinkedIn (NYSE:LNKD) are also underperforming, so perhaps it's something in the space. Either way, these names led the tape higher, so it's worth noting.

The double- or triple-leveraged ETFs are decent vehicles intraday but get dicey when held for longer time horizons.

It looks like China is going the "debt destruction" route; time will tell if it will be orderly.

I still believe there will be a time to buy China and short the US on a pairs basis; I'm just not sure when that will be. If the Shanghai Composite (SHA:000001) breaks 1985 (the level, not the year), it has a 10% risk to the downside from there.

Headlines aside, it's worth remembering that textbook technical analysis dictates a retest of breakout levels; those levels are S&P (INDEXSP:.INX) 1850, NDX (INDEXNASDAQ:NDX) 3640, and Russell (INDEXRUSSELL:RUT) 1182.

BKX (INDEXSP:BKX) 71.50 and TRAN (INDEXDJX:DJT) 7600 would "confirm" the breakout, if and when one should happen.

And just like that, the VXO (INDEXCBOE:VXO) is off 17.5%.

Minyan March Madness deadline is Thursday, March 20, at 11 a.m EDT. Good luck!


Twitter: @todd_harrison

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