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Truck Stop!

By

Thanks Toddo!

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Truckin' -- got my chips cashed in
Keep Truckin' -- like the doodah man
Together-more or less in line
Just keep Truckin' on


(Grateful Dead)


I've gotta tell ya, this Boo is one nutty bear. When I undressed this morning, the freak brought over a glass of warm milk and asked me if I wanted a blankee. A blankee! DUDE! You need to seriously chill and take a deep breath. These are tough markets and the last thing you should be upset about it booking a (small) profit. Think about it, please, and don't cloud your judgment with negative energy.

The action (thus far) has been a one-way street. The dollar is getting hosed, crude is higher, the breadth is stanky (4:1 negative), the financials are lethargic, the Red SOX have opened their season with a loss and I'm seeing real money selling coming out of Europe. It's nastola for sure. But please, Minyans, remember that we're only been trading for a little more than an hour and there's plenty of time left in this session (read: quarter).

What have I done? As you know, I "took" the May puts into the opening meltage and I'm trading with some tight stops (which defines my risk). I see the carnage, but I've actually tried some longs for a PURE TRADE when the market pooped out. My big picture predication continues to warrant caution but that doesn't mean I must always trade short. Boo made back 50 handles in the spoos and I told him it's time to stick and move for a bit. I don't trust the long side but I'm willing (at times) to rent exposure if I sense a try higher. A short-term oversold reading that tests support (NDX 1020) the first time is such a try.

The risk, as you know, is that the bull camp is extremely crowded after the much discussed performance anxiety sucked fresh money into the market. It's hard to tell how those managers will react--particularly with their report card due--and that remains the wild card as we wade our way through today's session.

I've gotta hop, my friends. I hope this finds you well.

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.

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