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The Dizzy Drizzam


Keep an eye on those financials!


I come creepin through the fog
With my saggin Dukes
East Side, Long Beach
In a 7-8 Coupe DeVille

(Snoop Doggy Dogg)

The Minx creeps through the morning and, after the initial giggle, probed the downside. Yesterday's lows provide the first level of contention and, if they sneak through, our other levels come into play. The prevalent mindset continues to be catching the Snapper--whether or not that becomes self-fulfilling remains to be seen.

Breadth is minty this morning and is workin' 9 to 5 on the big board. The financials also seem a bit stickier than normal out of the gate and I'm watching Citigroup (C:NYSE) and Goldman Sachs (GS:NYSE) in that arena. The internets are offering mixed signals, gold is a tad firmer, the dollar is flat, drugs are getting smoked on the Merck (MRK:NYSE) news and Fokker is wearing a tie-dye. Go figure.

Tired Toddo continues to trade around a short bias but, once again, I'm gonna keep my stops uber-tight on the short term stuff and roll 'em down (if and when). I still have my longer dated puts (and some calls as an upside hedge) and that's being traded a bit "wider" as a function of price. With the market down 8 of the last 10 sessions, a potential for a Snapper exists. At the same time, that very mindset may set the stage for a deeper correction.

Finally, with regards to the F-troop, the fact that Freddie Mac (FRE:NYSE) restated their earnings higher by $5 billion doesn't make me feel that much better. I've said it before and I'll say it again--anytime that accounting misses by billions of dollars is disconcerting and potentially problematic (regardless of the direction of the miss). As always, that's simply my humble opinion and not intended as advice.

Deep breaths Minyans--we're on our way.

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position in gs, fnm

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.

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