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You're gonna put what WHERE?

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My time coming, any day, don't worry bout me, no
It's gonna be just like they say, them voices tell me so
Seems so long I felt this way and time sure passin' slow
Still I know I lead the way, they tell me where I go


(Grateful Dead)


The afternoon session has left an impression as Boo wades through a midday equity enema. The action had traction this morning and, after they couldn't dent 'em to the downside, the bulls are once again tickling resistance. Sell 'em on good earnings, take 'em on crapola--dude! I'm schizophrenic....and so am I!

While the absolute returns aren't a big deal either way, two things stand out: The breadth is (thus far) minty and we're witnessing a shruggy hug (ignoring bad news). Both are constructive inputs and they must be weighed against pending resistance (S&P 1050-1060), troubling stochastics and the recent selling of good news.

I haven't deviated from my game plan and, truth be told, I'm trying to filter out the noise. There's no denying that, as it stands, Hoofy is diggin' today's action but keep a few things in mind. One, tomorrow's expiry may be skewing the dew. Two, there was likely a fair amount of pressy guessing (on the opening that had to cover) and three, a ton of earnings remain (tonight and next week). All of these factors must be assimilated into any strategic vision.

I'm absolutely swamped to lemme hop. Peace out, Rabbit! (3-1-3!)

position in spx

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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