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.



This is a pretty important close from a sentiment perspective.


There's battle lines being drawn
Nobody's right if everybody's wrong
Young people speaking their mind
Getting so much resistance from behind

(Buffalo Springfield)

Alright, what was it about Chachi? He's dated Pamela Anderson, Nicole Eggert, Nicolette Sheridan, Brooke Shields, Heather Locklear, Erin Moran, Denise Richards, Beverly D'Angelo and Erika Eleniak. That's not a black book -- it's a swimsuit calander! Who woulda thunk that Fonzi's lil' cousin had such mojo -- and who would thought so many Minyans loved Charles in Charge!

Back to life, back in reality, the tale of two tapes continues and the N's over S's trade is in full swing. We discussed their field position yesterday and that helped us identify the relative disparity, but what about the broader tape? Surely, either the N's will pull the S's through resistance or the S's will suck the N's towards support -- but which will it be?

That's the zillion dollar question on everybody's lips and, as Tony's been saying, a case can be made for either camp. There are some very respected folks calling for a continued rally (as well as some not-so-respected folks) but, at the same time, the warning signs that have saved us in the past are flashing bright red. Further, while the internal mechanism (commercial traders, bullish percentage, higher lows) point north, the low volatility measures, pervasive bullishness and lower highs point due south. What the heck is going on here?

The answer, my friend, may be blowing in the wind but when it's all said and done, one of these camps is gonna be lickin' their wounds. The onus is on us to construct a strategy that is an extension of our view while allowing for a sufficient margin of error. What that is, and how that's executed, is completely unique to your individual time horizon and risk profile. I still feel that this will ultimately prove to be the same 'ol, same 'ol (head fake) but, as you know, that's simply one trader's (honest) opinion.

Tonight's earning's parade will include Advanced Micro Devices (AMD:NYSE), Apple (AAPL:Nasdaq), Broadcom (BRCM:Nasdaq), Mercury Interactive (MERQ:Nasdaq), SanDisk (SNDK:Nasdaq), Sun Microsystems (SUNW:Nasdaq) (among others) while Biogen (BGEN:Nasdaq), Ceridian (CEN:NYSE), Colgate-Palmolive (CL:NYSE), Cypress Semiconductor (CY:NYSE), Delta Airlines (DAL:NYSE), Georgia-Pacific (GP:NYSE), Golden West Financial (GDW:NYSE), Hershey Foods (HSY:NYSE), Marsh & McLennan (MMC:NYSE), Nokia (NOK:NYSE), PepsiCo (PEP:NYSE), PNC Financial (PNC:NYSE), SAP AG (SAP:NYSE), Sears (S:NYSE) and United Technologies (UTX:NYSE) (among others) will report tomorrow morning. Beeks will also drop off the initial jobless claims (expected at 410,000) and Philly Cheesecake (expected at -6.4) as we wade our way through April expiration.

A couple of quick blurbs before I scoot. The dollar continues to edge lower and that's started to get a bit louder in trading circles. Also, an account has bought 51,000 QQQ June 26 puts today into the tech firmness. Other than that, it's pretty quiet as traders begin to sneak out to observe the Passover holiday. For my part, I'll be leaving right on the bell such that I can get to Seder in time.

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

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.

Featured Videos