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 Eye Ball


Nobody ever asks ME to do holiday parties!


No one knows what it's like
To be the bad man
To be the sad man
Behind Boo eyes

(The Who)

The opening jazz lacks pizzazz and three thoughts immediately pop into my head. First, textbook technical analysis dictates that when a stock (index) breaks out, the "right" time to buy it is on the retest of that level. As such, it'll be quite interesting to see how the S&P trades if/when it gets to 1060-1062 (there are likely lotsa stops below). Second, the breadth is noticeably lag this morning (3:2 losers/winners) and that's a marked difference from what we've seen. Third, Daisy is not available for holiday (or bachelor) parties so please stop the requests--she's booked!

One more step down Granular Ave. shows retail soft (with the exception of the crowded Kohls (KSS:NYSE)), the semis a bit softer (in front of National Semi (NSM:NYSE) and Intel (INTC:NASD)), the brokers slightly pink, Cisco (CSCO:NASD) holding onto most of its early gains, and the dollar trying to scrape back some of its recent (and constant) funk.

Yesterday's reversal was bearish on a few counts (outside day in the S&P and a doji-san reversal) so probes lower (at some level) make sense. Again, until S&P 1060 fails, there will be little schvitz on the bovine lips. If you're a bull, you can lean against that level (with everyone else). If you're a bear, you can use the upside band tag as your backstop. Either way, stay disciplined and don't believe the hype.

I'll be back.
position in the spx

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