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Vuja De!

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It's been a long time since I've had performance anxiety, right Daisy?

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Where are you going now my love?
Where will you be tomorrow?
Will you bring me happiness?
Will you bring me sorrow?


(Crosby Stills Nash & Young)

Alright Minyans, we got our first fade (read:sale) from S&P 840 and our second fade (read:buy) near S&P 830. Now, the fun and games really begin! I continue to peer through the pile of follicles on my desk as I attempt to assign a method to the madness and while it's certainly tricky, I'll give it my best shot. Hmm...speaking of shots, has it been a month yet?

Is today deja vu all over again? Crude certainly is doing it's part but there are tangible differences elsewhere. Treasuries are (thus far) hanging tough, the dollar is relatively flat, gold is higher and the financials are struggling at resistance (BKX 700 and XBD 360). The breadth, meanwhile, is covering more ground than Mickey Rivers in his prime! It flipped from 3:2 negative to 2:1 positive to flat to 4:3 positive again. I haven't seen tea leaves this trippy since Derek, Matilda and I partied with Hansel!

In four-letter land, the SOX migrated up towards the 200-day moving average (318) and it hasn't touched that line since May of '02. It's just another "level" to watch as we find our way but I wanted to toss it on the trading radar regardless. I've seen two-sided flow today but the short covering theme continues in earnest. I don't mean to beat a dead bear, my friends, but absent a global group hug, this raises an eyebrow. My biggest issue--and it's huge--is one of timing.

I'd like to throw one more potential "thing" out there. With quarter-end creeping up and performance anxiety clearly piqued, we must conscious of the potential for emotions to play an even greater role in the price action. This obviously has two-sided implications but, regardless, I wanted to make sure it was discussed.

First things first, the S&P and NDX both put in a higher intraday low and lower intraday highs. Once this pattern is resolved (either way), it'll offer active traders another "tell." Are we having fun yet?

As always, I hope this finds you well.
position in qqq

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.

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