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.

Boo WHO!


I'm with you Toddo!


Mama's got a squeeze box
She wears on her chest
And when Daddy comes home
He never gets no rest

(The WHO)

Well, Boo, you wanted a rally to put 'em out and here it is! The S&P is flirting with a breakout, the NDX has poked it's nose through the 200-day, the banks are pushing higher, breadth is strong, Europe closed on it's highs and the rally is broadening out. What's are YOU doing?

I'll tell you what I'M doing--I'm slipping another leg into my metaphorical bear costume (makes 50% conviction on the short side) and attempting to use price to my advantage. Why? I think this type of move was necessary to suck in some fresh money and I'm eyeballing S&P 870 above. Could I be dead wrong and this is the Sham we've been discussing for a month? Sure--but obviously, I don't think it is and I'm fading this rally. Sometimes right, sometimes wrong--always honest.

Taking a deep breath and looking forward, Goldman kicks off their tech conference next week and pretty much everybody who's anybody in four-letter land will be attending. Merrill's will also start their telco gig, Bear has a retail show and there's a smattering of economic data. In other words, use our two-day respite to relax, recoup and recharge. Next week promises to be a doozy!

Turning our attention back to today's action for uno momento, the Semis are conspicuous in their non-participation today and that warrants a mention. It's pretty much the only blemish on an otherwise impressive showing but, again, I respect the action but don't want to defer to it. While I continue to sense a hard rally "out there,"it's my humble opinion that it's going to start from considerably lower levels.

With that said, keep your right hand up as we enter the home stretch today. It's an emotional tape and traders are reactive. That's a dangerous mix (both ways) when you're dealing with an expiration and some technical pivot points.

Tick tock, baby.

position in s&p

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