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.

Live Wire!


I gots chills, that are multiplying....


Everybody's dancin'
Down the local armory
With a basement full of dynamite
And live artillery.

(Grateful Dead)

Well alrightee then....we've got Elmer to the left, sushi to the right, resistance up above and dynamite below. Beauteous! It's enough to drive a Minyan crazy, I know, but rather than swallow it all at once, let's look at the big picture as a series of little pictures. That sometimes helps to hone the focus.

First things first, Hoofy is trying to put the issue of resistance behind him as he treads above S&P 1150. At the risk of being called a rationalizer, I would remind Minyans that the 'zone' is S&P 1150-1160 and the potential of a "false breakout" exists. Again, breadth of the S's is 2:1 positive, the brokers are blazing and the semis are starting to stick. That's what the bovine are bantering about.

Taking a step back, the dollar is getting thwacked (yawn), gold is getting bold and the fixed income market is toying with acne of its own. While Goldilocks ticks and tocks, the three bears are running scared. The word on the Street is that the macros (hedge funds) were short out the wazoo and getting squeezed like a Florida orange. The tape trades that way but there's no way to game when they'll "clean up."

From a trading perspective, a strong close above S&P 1165 (NDX 1515) would likely trigger a new round of towel tossing. It's a bit jittery out there but setting levels (and defining risk) removes emotion. Discipline trumps conviction, Minyans, and while the war is FAR from over, you must pick and choose your battles. The mechanics of the swing are equally important as the results of the at-bat (sorta).

Catalyst wise (not including the technical metric)? The Sadie Hawkins dance will continue tomorrow and when it's over, prom king Michael Dell (DELL:NASD) will steal the spotlight. Michael is typically bullish (and stresses the "haves" vs. "have nots") but it's a blip on our trading radar nonetheless. Analog Devices (ADI:NYSE) will also share their view, for those interested, as will NVIDIA (NVDA:NASD).

This is an important close in many ways so stay on your toes as we eye the closing bell. And as always, think positive cookie--it all starts within.

I'll be back.

position in qqq

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