A Doggy Dog Tape
My mind starts trippin, a tear drops my eye
My body temperature falls
I'm shaking and they breaking trying to save the Dogg
(Snoop Doggy Dog)
Talk about rolling down the street smoking INDU! The Dow Jones Industrial Average is precariously perched on the July Lows and the famed "double bottom" is in serious jeopardy right now. If you haven't been paying attention to the 7500 level, I'd put it on your radar. Invariably, there are traders playing from the long side as a function of this technical pattern and IF it breaks, they've lost their catalyst. Dow Wow Wow Yippee Yo Yippee UGH!
Our trading tells from this morning continue to urge caution, as the bank index (BKX) has gotten glocked again and the internals (sorry) are getting worse, not better. Obviously, we've learned that, if nothing else, this tape is unpredictable---so keep that right hand up as we roll towards the closing bell. I've got a meeting after the close, so while I'll try and bang out a final post, please understand that my time will be pressed.
Once more, if you'd like to get a shout out when a new journal is posted, send an email to JournalAlert@Minyanville.com.
No positions in stocks mentioned
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 firstname.lastname@example.org.
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.
Daily Recap Newsletter