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.

Turtle Soup?

By

Wasabi BKX 1000!

PrintPRINT



I woke up a feeling mean
Went down to play the slot machine
The wheels turned round and the letters read
Better head back to Tennessee, Jed

(Grateful Dead)



The afternoon wiggle has started to giggle as the flickering ticks begin to jiggle. Snapper, wearing a Tom Brady jersey, just sauntered by and yelled "I'm going to Bridgetville!" While he's clearly got the ball, I told our resident tortoise not to get cocky. The bears have had plenty of practice on defense and may have a blitz up their sleeve. Let's go to the video tape, Minyans, so we can get home in time for the halftime show.

The biotechs never blinked today and that helped buoy the tape in the face of the early sell pressure. The breadth has begrudgingly bounced (better in the S's) and while it's better than it was, there's plenty of time on the clock (for a potential turn). This latest lift has brought the banks back to the brink (BKX 1000) and the semis still seem somewhat soft. In short, there are reasons for optimism (Cisco (CSCO:NASD), pharma) but ample cause remains for pause.

We've spoken about whether this is a cutesy correction or something with a bit more meat. The first "failure" at S&P 1150 was prolly the "easy" trade, in hindsight, and the more difficult decisions lie ahead. In addition to the Chambo shuffle (tomorrow) and the Friday employment data, electoral crosscurrents and internal (negative) divergences are adding grist to the mill. And, of course, all of this must be weighed against the prevailing psychology (dip shtick) and its lopsided hop.

It remains my humble view (not advice) that rallies are made to be sold. I don't know if that's today's business (it may be) and, obviously, risk profiles and time horizons are unique for each Minyan. A convincing move through NDX 1515 (with a semiconductor stochastic buy signal) might be ample fuel for Hoofy's rule. We'll take that step when it arrives, however, and until then, I wanna fade 'em like a pair of Levi's.

Finally, in a quick housekeeping issue, I'm jugglin' lotsa meetings this week and will do my best to keep you abreast (sorry). I'm certain that the new format (two weeks!) will lend itself nicely to quicker, more time sensitive trading issues. It was created, quite frankly, with that in mind and in the vein of a more dynamic, real-time educational process. In the time being, please bear with us as we scurry to get it done. Thanks!

As always, I hope this finds you well.
< Previous
  • 1
Next >
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 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.

PrintPRINT
 
Featured Videos

WHAT'S POPULAR IN THE VILLE