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An afternoon quickie

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Wait--a reverse head and shoulders? Sounds kinky!

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No, not like that--get your head out of the gutter! Two quick thoughts: I just pulled up a two day chart of the S&P and noticed something that "could" be viewed as a reverse head and shoulders (bullish)--and I wanted to make sure you saw it (regardless of your posture). Also, with regard to Elmer's imminent decision (FOMC), it's my view that if there is any action, it would be perceived as a negative (the market hates surprises).

If you're a bull and you want to take a shot on the above mentioned pattern, one strategy is to buy SPY and put a stop below (ie- SPX 895). In other words, if the S&P (cash) index ticks at 895, you must take the loss (defines your risk). I'm not playing it, mind you, and this is NOT advice (we dont do that here)...I just wanted to use a real-life example for the neophytes among you.

Tanks!

R.P

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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 todd@minyanville.com.

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