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Juggling like a clown over here but wanted to fire off a quick missive. I just opined to Hoofy that a downside test was very necessary if he was gonna dance with Snapper-and he looked at me with a twinkle in his eye. Fair warning, Hoofs, you'll only be smiling if the internals start to shape up. As of now, the NYSE is skewed 9:5 negative although, consistent with yesterday's N's over S's thesis, the techs trade "dryer."

My contacts have told me there were "bid wanted" situations in the corporate bonds of select financials. That "panic" is a good sign from a contrarian standpoint and, as of this post, the bank index (BKX) has a firm early bid. Other tells right now are mixed, and I would keep a close eye on those retailers. If (big if) they can turn, it would be a good sign.

Gotta jump


Long QQQ calls

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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

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