Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Opening Steps


On the first part of the journey
I was looking at all the life
There were plants and birds and stocks and things
There was sand and hills and rings


Stocks open and our wild week on Wall Street is underway. Out of the gate, we find some early traction (off the lower opening) as traders are conditioned to buy after the recent liftage. I have always believed that the first half hour of trading is "noisy" and, therefore, I sense that the "truer" tenor of the tape will now emerge. It's very early, but the morning breadth warrants some caution as does the slippage in the semis. Meanwhile, the pharma complex (drugs and biotechs) jumped out with a 2% lift from the word go and the banks are attempting to make a stand.

I just opined to my partners that a trade down to S&P 810 would make our journey more difficult as it would alleviate the near term overbought condition...which alleviated the medium term oversold condition! As I've said, rather than trying to digest everything at once---particularly with the avalanche of news due out---I've chosen to view the big picture as a series of little pictures. Continue to monitor our trading tells (CSCO, BKX, semis, breadth, retailers) and stay disciplined....we have a long week ahead.

Good luck.

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.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

Featured Videos