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The Village Critters

By

Ok Saddam--we believe you!

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Macho, macho bear
I've got to be, a macho bear
Macho, macho bear (yeah, yeah)
I've got to be a macho!


(The Village People)

The incomparable Fokker, who this morning managed to fumble the first real breakfast order in a week, just asked me what I was I was thinking. I dryly said to the Minyan-in-training that I'm a seller higher and a buyer lower. He looked at me with a blank stare for a moment and then slowly shook his head up and down. As it stands, I'm having Martin come over later to train the young lad!

I'd love to be more aggressive and swing the big risk bat--but that would be inconsistent with my current thought process. I've got one leg in my bear costume, a handful of defined risk downside paper and a nothing but time (and premium!) In other words, I'm not pressing here--it's dicey in the near term and I wanna keep plenty of dry powder.

After the recent weakness, the first test lower was/is intuitive--now the real games begin. The most impressive element of the early action was the S&P breadth and it's holding at 3:2 winners/losers despite the testage. My main sector tells (SOX, BKX), however, are starting to wilt in the morning sunshine. So you know, I'm watching Citigroup, Wal-Mart, Dell, GE and MSFT as individual stock tells as well.

New home sales just hit the wire and they came in light. This offsets the Durable goods somewhat but, net/net, I gotta think the aggregate economic data today was a marginal uptick. Enough to turn the tape in and of itself? I'm sure the talking heads will use it as an excuse if we rally--but there are different crosscurrents affecting the tape today. Hang on to you hat and remember to breathe.

I'll be back.

position in dell, dell

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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