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Big brother is watching!

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Ahh, the information age...where it's possible to have in depth (and, in some circles, intimate) exchanges by lifting a finger or two. The following IM chat occured this morning between me and one of my sharper coverage guys.

Tradingcoverage: what do you think here ?
Toddo: held right where they had to (S&P 1060) with leadership from financials (s's over n's). they gotta get through S&P 1075ish though.
Toddo: ndx 'could' be forming a reverse head/shoulder and breadth decent. they're making bears work for it. (watch energy too--it acts great).
Tradingcoverage: wm (washington mutual) blowing up
Tradingcoverage: down 1
Tradingcoverage: my fear is, unlike last few fomc meetings where we sold off hard prior to, we are up against new hi's and short base significantly smaller- not sure we get the 4-5 day rally we got after the last four.
Toddo: was gonna say--
Toddo: the stairs seem up...BUT...plenty of trap doors
Tradingcoverage: agreed
Toddo: and with backdrop (sentiment, etc.) as it is, the stairs are creaking too
Toddo: Dow 10k should be interesting--at least the first couple of tries. wouldn't be shocked to see a head fake (above) that looks like it's gonna hold. also, lotsa supply coming (converts, ect.).
Tradingcoverage:thanks man.
Toddo: De nada.

Thought some Minyans might have an interest in observing the exchange. I'll be back in a bit....hit 'em hard today.

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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