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Big Hair and a Bear Scare


They don't go down well!


Shot through the heart and you're to blame
You give love a bad name
I play my part and you play your game
You give love a bad name

(Bon Jovi)

The fun and games continue as Hump Day hurdles its apex and the critters are looking for clues. "Give us your opinion, Toddo," they asked, "it's not about advice (it never is in Minyanville) but we'd sure like to know what you're thinking. And please, leave the big picture blues aside for the moment--we know how you feel about that stuff." Nuff said.

I think we're edging through the short-term panic phase and it's always hard to game that type of exhaustion. The most obvious levels to monitor are S&P 1130 and 1150--which is a 50% retracement of the entire bear scare. That's an intuitive place to fail but, as we know, levels become convoluted when everyone is watching the same chart. How we get there will be as important as the level itself (a parabolic move is entirely more vulnerable than a grindy climb).

If the Burned Razor holds (and it has thus far, despite my best efforts to ignore it), the Minx is due for a pretty meaty gut check. How you approach it is a function of style and an individual risk appetite. I told Hoofy that tightening stops is prolly warranted as that would allow him to participate if the panic gets more manic. I also told him that as long as Intel (INTC:NASD) jumps with jig, the gig won't zig into something big.

The "can't get 'em down" chorus is getting a bit louder and I just saw some macro gorillas take SPYs in size. As we take out the daily highs (and the breadth slowly improves), towels are getting tossed. Be careful, Minyans, as emotional markets tend to exacerbate the tail end of trends. That's the whole point of the "denial-migration-panic" thang.

There's a LOT of rumors floating around--and I generally don't like to comment on those--but they're extra loud today. The latest is that a positive preannouncement is looming from a big cap networker. I'm not involved and have no edge--but the very fact that the buzz is increasing is likely a sign that we're edging closer to the exhaustion.

Gonna hop and post. Hope you're managing the Minx and leaving the emotions to the udder guy.
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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

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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