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Heads Up!

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Keep your head up Hoofy--from a broader perspective, this is potentially bullish!

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I just wanted to give my fellow Minyans a quick heads up that we're probing Friday's lows in the S&P and NDX. There's additional support for the S's at the February 13th (duct-tape) intraday lows (S&P 806) and if the bulls are gonna mount an offensive, that's where it'll likely occur.

For purpose of full disclosure and absolute clarity, I covered my remaining small positions in FNM and some techy market instruments and leave some select financial shorts. Further downside wouldn't be a shocker, Fokker, but after reading my last post, I wanted to book 'em Dano and rotate my risk profile. I can always revisit it at a later date.

My better contacts are telling me that they're seeing real money sellers out there and, after Friday's Osama head fake, there are fewer shorts left to cover (and provide a bid). With the BKX down 20, breadth 3:1 negative and the specter of a non-supportive United Nations looming larger, I'm keeping my right hard firmly up.

Deep breath Minyans--this too shall pass.
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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.

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