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.

Ball Bearings!

By

There go the internals. DOH!

PrintPRINT

Using the whole fist there, Doc? On our trusty 5-day (bloomberg) chart, Dr. Rosenrosen notes that the weekly lows continued to get probed and in case you haven't been paying attention: yes, these matter! Let's call the levels NDX 960 and S&P 833--and don't tell the Underhills!

Meanwhile, Homeland Security officials have told MSNBC that the threat level will be raised to orange and that's currently being disseminated in the marketplace. That's not going to help today's tape. As the rather large and always sharp Anthony at Lehman opines, every bounce we've had today has been due to an easing of the sell pressure and not a sudden surge of buying. I agree, brother, as I've yet to see buyers in the street.

The morning breadth stinks, the BKX has failed (again), the SOX is down 2%, it's a Friday, tension is high and patience is low. What's my take? THIS feels like it's more Shimmy than it's been and if our Shim Sham is to play out, this is a necessary (albeit uncomfortable) step in the process. As (and if) we get closer to S&P 810ish, I'm gonna tell Daisy to wake up her bull and get him ready for action.

Will we get there? Not sure--but I've been eyeballing that level for a while and if we get there, the tape will be messier than a jackknifed manure-spreader on the Santa Ana (you should see my shoes!). The tape has been drekky--but it's been a fairly orderly decline. We need a little panic to shake up the Minxy mojo.

Deep breaths and one step at a time, friends. And don't lose you're cool--it's times like these that you need to be at the top of your game.

Good luck.

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.

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.

PrintPRINT
 
Featured Videos

WHAT'S POPULAR IN THE VILLE