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Blinded by the Tape

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Madman drummers bummers and Indians in the Summer with a teenage diplomat

In the dumps with the mumps as the adolescent jumps his way into his hat

With a boulder on my shoulder feelin' kinda older I tripped the merry-go-round

With this very unpleasing sneezing and wheezing the calliope crashed to the ground

(Bruce Springsteen)

Tick tocking towards the opening bell and the angst level on the street seems to be approaching DEFCON 2. The chatter this morning is beginning to focus on the report cards being sent to the retail investor from the various fund families. There is a big difference between 'thinking' you're getting hurt in the market and 'seeing' it as a fact. The retail reaction will bear watching in the weeks ahead as those dreaded statements are opened.

At the risk of redundant redundancy, I'll be keying off the Semi's and Banks again as my chief tell duopoly. As discussed last week, BKX (PHLX bank index) 622 is the next discernable support, followed by the July intraday low of 603. In SOX-land (semiconductors), we're at a fresh yearly low and the next level comes into play at the psychologically important 200 level. Finally, for the S&P, please keep 775 on your radar (July low) as the support du jour.

Jammin' and juggling here on an early Monday morning, so lemme go focus on the opening. As you know, my first responsibility will always be to our investors and my partners, so please bear with me with regard to the frequency of the posts. Also, as our disclaimer says, the disclosure at the bottom of the journal relates to positions held in names mentioned in a particular post at the time of publication. It is in NO way meant to be a recommendation. Thanks.

Heads up and eyes forward, team, as we take it one step at a time. Gotta hop.

Good luck today.

R.P

Short SPY


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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