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Heads Up!


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


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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