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Revelry

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Dogs of war and men of hate
With no cause, we don't discriminate
Discovery is to be disowned
Our currency is flesh and bone


(Pink Floyd)

Iraq's ambassador to the United Nations spoke his mind and evidently he wasn't thrilled with the results of the vote. As his comments hit the tape, the specter of war seemed to be seep into the minds of investors. As I've said, the field position of the market plays a huge role in the psychological impact of these types of comments. If this news hit on the July 23 lows, it may have actually been spun positively. After a 20% rally, however, we could have a different situation on our hands.

The air raid sirens have sounded in Minyanville as S&P 895 is in jeopardy and the breadth has turned decidedly negative. As past support is future resistance, S&P 900 now becomes a ceiling for the traders among you. Please know that there will likely be war rhetoric hitting the wires for the rest of the day, so this tape will be reactive to this news. In our sector spotlight, the banks remain my focus but I'm also monitoring the biotechs (weak all day), retailers (heavy as well), semis (on the back of yesterday's drubbing) and defense (looking at some upside punts).

Stay on your toes as we've got four hours of decisions to make before our overnight risk profile is determined. Whatever you choose, you'll have to live with over the weekend so, either way, think it through. As always, I sincerely hope this finds you well.

Good luck.

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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