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Where's Eagles Fly


Remember, the goal is to use prices to your advantage.


There's talk on the street, it sounds so familiar.
Great expectations, everybody's watching you.
People you meet they all seem to know you,
even your old friends treat you like you're something new.

(The Eagles)

This business is funny. During the initial slippage, I saw it, you saw it, we ALL saw it--the tape wanted to try the upside. As I sat here with a scrunched up nose and a foot in my bear costume, I had a sudden rush of anxiousness. Just then, I got hit up by a handful of cronies. "I smell Hoofy!" "They feel higher." "QQQ March 27 calls, we're buying 10,000!" "DIA, we're buying 10,000 calls!" You know what I did? I took a deep, long breath, cracked my knuckles and started to pen this column.

Why? Because, for a moment, I got caught up in the madness. There's so much energy flickering on my eight screens, it almost sucked me right in. I'm not saying that my friends are right or wrong--this isn't about that--I'm simply saying that emotional, reactive decisions typically have a way of hurting you. For me, writing it out helps me see it better.

With all that said, they do feel "OK" to me early and the natural question that follows is "what do we do now?" I'd answer that question with another question. How many abidigonals do YOU see modeling. Oops, wrong question. What's your time frame? If you're the day trading type, feel free to try anything (as long as you're disciplined) . If you're a longer term player, look past your screens and think ahead.

Looking AT my screens for a second, a couple of themes jump out. The banks and breadth continue to drag on the tape while most anything pharma or semiconductor continues to hold an early bid. The short term trendline I referenced this morning resides roughly at S&P 847ish and that's kinda what I'm eyeballing. Is that ten points playable on the upside? I'm not sure--maybe. For purposes of my style though, I'm gonna stick with the fur and use that level as my stop out.

I've gotta jump, Mon Frere...I'll be back.

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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.

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