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Squeeze Me, Seymour!

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If you're gonna be a bear, be a grizzly baby!

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They Chicago Purchasing Manager stopped by to tell us things are a bit better, thank you, and the futures are dutifully spiking on that news. Remember, when we're this oversold, you have to be ready for sharp moves (the most vicious rallies occur in a bear market) but, gun to head, the Shim Sham is still in place. In other words, I still think that there's a nice rally--but I still think it comes from lower levels.

Despite the potential head fake breakdown on the BKX (in point & figure, it just has to tick at a level to confirm), I'm going to put another leg in my metaphorical bear costume. This makes 50% conviction, baby...let the games begin!
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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