Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

The Rolling Tide


The first move higher was followed by a strong wave of selling and the market is once again trying to regain its footing. Again, it's super-thin out there and the market is trading reactive-so keep your flippers on if you're swimming in these choppy waters. Remember to keep an eye on S&P 895, if and when, as that's the level that "has" to hold. The action in the banks is concerning, but we must balance that against the internals (still positive). Whippy and trippy, man!

My initial reaction, and this shouldn't come as a shock, is "What does Elmer see?" Perhaps that's just my "big picture" backdrop clouding my short-term trading view but, as my mother used to say, if it's on the lung it's on the tongue-or, in this case, the screen. Does this mean we're going to war? Does this mean there are unforeseen credit potholes? Does this mean that the Fed is there for us (again)? Don't try to figure out the rest of the year in the next 15 minutes...that's too much for anybody to digest. Further, if you find yourself getting bullish on upticks and bearish on downticks, take a step back and take a breath.

The flow has been frenetic but seems to be slowing somewhat and our coverage is telling us their seeing the gorillas (institutions) making sales, albeit gingerly. The critters, so you know, faded the initial spike and picked a little into the melt, but it was relatively small potatoes. I continue to scour the markets for December downside puts and will look to build those positions into strength. Gotta hop.

Hope this finds you well.

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.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

Featured Videos