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Set List!

By

Punk!

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I'm gonna tell you how it's gonna be
You're gonna give your love to me
I'm gonna love you night and day
Well love is love and not fade away


(Buddy Holly)

The tape ticks to life and Hump Day in Minyanville has officially begun. The opening pop-drop-pop-drop was too quick (and unnecessary) to play and, as usual, the first half hour was full of noise and emotion. Now, as the tape settle down and Maria catches her breath, it's time to roll up those sleeves and take a hard look at where we are.

The level that I'm focusing on is S&P 870 (although NDX 1000 is 'a' level as well). My inclination is to fade (read: buy) the first schnitzel down as a function of our discussion in the previous post. Yes, I am troubled by the internals (2:1 negative), Latin America (tinder box), the fugly financials and the looming neckline in the SOX. That said, my plan is to set a stop below the support zone and if it's breached, I'll cut bait.

With the S&P sitting at 880, I'm going to slip one arm into the bull costume (25% conviction on the long side). If we approach THE zone, I'll slip another leg in and, as I've said, will stop the monster out if we ripcord through the zone.

Engine room, more steam!

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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