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Thought Process

By

Snapper--get out of your shell and help me out here!

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Another session springs to life and the Minx is on the prowl. Slaino just walked into my office and asked me what I thought. I told him that a rally to resistance (S&P 870) wouldn't shock me--but it's likely a good fade (read: sale). I also told him that I'm not sure I wanted to game that schnitzel higher...I may patiently wait and "put 'em out" if they get there.

Extending that thought, a hard sell-off from there (or here) will likely set the stage for that stiff rally I referred to this morning. You can wipe your nose with the above thought as nobody can outthink the Minx---but this is a forum for discussion and, as the thesis begins to crystallize in my keppe, I wanted to put it out there.

The early morning action is being dominated by selling but a few themes are beginning to emerge. The Semicaps act dry (remember, NVLS and AMAT were upgraded) and that complex should be a focus. The SOX is danglin', baby, and if it doesn't find some traction soon, there's gonna be a dandruff snowstorm. Also, check out the XOI (oil), they gave a stochastic buy signal and the group is a meadow of green. Finally, keep half an eye on Citigroup--a tick at 34 will confirm a triple bottom break (that coincides with the BKX 725 break).

An early check of the morning breadth reeks of halitosis as the losers are trumping winners 3:1 in the Nazz and S&P--but it's super early. I would expect a fade (higher) attempt shortly but, unless the internals begin to shape up, Snapper's gonna have a tough go of it.

Gotta hop.

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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.

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