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.

Eye Shadow!


I'm blowin' some bad breadth your way!


Blue, blue windows behind the stars
Yellow moon on the rise
Big birds flying across the sky
Throwing shadows on our eyes.

(Neil Young)

The morning fray begins to sway as we mold the clay into our day. The initial weakness was to be expected (with Cisco (CSCO:NASD) down 6%) but the saucier question remains: what now? There's a whole heckuva lotta crosscurrents blowin' through the 'Ville so let's dive in among the fins.

A few themes jump off the screen and scream for attention. The semis are testing the turtles at SOX 500 and lotsa folks are watchin' this for clues. The chips have dipped below their 50-day moving average and with the stochastics tickling the bottom of my page, something's gonna give (either way). The NDX, for its part, is sitting directly on its 50-day and that's all that technically stands between here and NDX 1450.

The retailers--flagged yesterday as a crowded mall--act relatively well, as do the consumers, internets, drugs and oil service (think rotation). The breadth is horrid--watch this!-and despite stronger than expected economic numbers, traders are choosing to focus on Cisco and, maybe, the specter of political uncertainty.

On the macro front, gold continues to act lethargic, as do gold issues (on the heels of Newmont (NEM:NYSE) earnings). Crude is tacking on another percent (worth a mention), Europe is surprisingly sticky (FTSE is flat) and Fokker is studying the sushi menu in preperation for his shining moment.

One a side bar, I just reminded a trading brother of mine not to get emotionally attached to his positions. As an objective observer, I noticed that he was rationalizing and defending his posture to me--and maybe even to himself. A good trader makes money but a great trader knows how to take a loss. If unsure, trade "in between" or take a step back and tighten the risk profile. The market will be open for business tomorrow.

Gun to head? Unless the breadth gets better, Hoofy will have his hands, er, hoofs full. Also, so ya know, I've got a massive lunch meeting today and, as always, I'll do my very best to keep the flow goin'.

Jammin' and jugglin'...lemme hop.

position in nem

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