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Crittery Jitters

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Hey T-O-N-Y, you're the best!

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I think this morning's fracas freaked out Fokker! Say THAT ten times fast--Facas? Frokker? What the fruck?!? I guess Romy's right---maybe I am bizarre!

Sorry, I was having a moment there. Let's talk tape. The opening jig was met with supply as sellers filled in above S&P 850. For you gippers out there (chartists), I've settled on a 21-day S&P chart and I've drawn a trendline from the January 23 high though Monday's top. That gives me a frame of reference and perspective as I wade through this morning's muck.

The early morning breadth is marginally positive, the industrials, banks, biotechs and retailers are the heavier and the semis are holding their early upside bid. I 'think' that the overnight DRAM pop has as much to do with the semi firmness as the upgrade, so you know, and I've added the foundries (TSM, UMC) to my list of today's tells.

I'm sticking with my current posture and, while it's slow, scanning my charts for anything of interest. Two names I've technically taken notice of are FNM and QCOM. According to my trusty Dorsey Wright charts, the former will break a triple bottom at 61 (if and when) while the latter has rallied back to resistance at 36ish. In the interest of full disclosure, I have small positions in these names and--let me be clear--I'm sharing my process with hopes of educating and in NO way is it meant as advice.

I'll be back.

position in s&p, fnm, qcom

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.

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