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And Away we Go!

By

Triple Bottoms? More to spank!

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S&P 840 has now confirmed the triple bottom break--in Dorsey Wright Analysis, it just needs to "tick" there--and I've seen the requisite technical sellers (as we discussed). 250,000 SMH just flashed by, 500,000 Q's on the rope at Bear, 200 NDA's (Nazz futures) for sale by a Macro...and here we are. Now, with the shorts getting loud, we have to be particularly careful of Snapper's revenge.

An early check of the morning breadth shows decliners firmly in charge with a (relatively) better tone in the N's. The dollar is marginally weaker (watch this!), gold is 1% higher (be careful) and telecom is outperforming. We know the WMT news and that's my retail tell du jour.

Over in Semi-land, Intel's chatter about a second half P.C upgrade cycle is making the rounds today--although, the problem is, the story was out yesterday! Let's see...Chambo saying "eventual recovery," Intel's saying that things are better a few quarters...I'd like to go on record and say that I'm gonna lose 10 pounds--in September!

I am going to place an S&P 840 (soft) stop on my bear appendage and if we continue lower, I'll roll it down in kind. I understand the potential for meltage (we've been discussing it all week) but discipline trumps conviction and baby steps add up. It feels N's over S'ish to me and I'm keeping my right hand up!

Gotta hop.

No positions in stocks mentioned.

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.

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