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Wasted On the Way

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Well, baby, There you stand
With your little head down in your hands
Oh my god, I can't believe-It's happening again
Your baby's gone, and you're all alone
And it looks like the end

(The Eagles)

Oofa loofa, is anybody else experiencing the weirdest sense of Vuja De? I mean, it's like Hoofy's a modern day Sisyphus trying to push the averages up the slippery slope...only to have them roll right back over him. Hey Hoofs, why don't you grab Daisy and I'll grab Aphrodite, and we'll double date at the Minyanville Drive In? Biscuits!

In all seriousness, the tape is sitting on the precarious perch that is S&P 800 and, just when you thought the banks were oversold, Whack!, there's another leg down. To add insult to injury, the malaise is orderly, the breadth continues to deteriorate and we we're just sorta dripping into the abyss. Further, with each passing tick of the clock, Snappers prospects diminish in kind. Where's the VIX spikage (fear)? Where are the bid wanted situations? Where the heck did my hair go?

I wish I had more encouraging news to share with you but, as of this post, it's just plain nasty out there. That being said, a flush would ultimately be healthy for the tape, and we're doing our best Graig Nettles imitation by staying on our toes and pounding our glove. Opportunities are presented as a function of time or a function of price, and if we've learned anything in our time together, it's to expect the unexpected.

As my grandfather Ruby used to say, "Think positive, but always keep that right hand up."

Hope this finds you well.

R.P

Short spy (with a stop)


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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 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.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

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