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.

Unleavened Levity


Trade to win...never trade "not to lose"


Fokker! I understand you've been busy but, come on now, how could you POSSIBLY order bagels and schmear for breakfast? I had to go back and change the last post to correctly read matzos and schmear! Dude -- get with the holiday program before I scramble your eggs!

We're understandably jammin' here so I'm gonna keep this post short and sweet, shmoopie.

UBS Warburg booted Applied Micro Circuits (AMCC:Nasdaq), Harley-Davidson (HDI:NYSE), CSX (CSX:NYSE) and Caterpillar (CAT:NYSE); JP Morgan shifted Ford (F:NYSE) higher while booting CVS (CVS:NYSE); Smith Barney bleached Colgate-Palmolive (CL:NYSE); Wachovia upgraded Broadcom (BRCM:Nasdaq); Merrill boosted Broadcom; Lehman upped Williams Companies (WMB:NYSE) and El Paso Corp. (EP:NYSE), and finally, Goldman upgraded PacifiCare Health Systems (PHSY:Nasdaq) and booted First Health Group (FHCC:Nasdaq).

My thoughts in a nutshell are as follows: How did I get in this nutshell? This is the biggest damn nutshell I've ever seen! Sorry -- wrong thought. I believe the N's over S's trade continues, on a relative basis, as money rotates intramarket. Also, and I'm always honest with my fellow Minyans, I must communicate that my fur is starting to get tingly.

I'm always early -- this we know -- but I'm looking at a lot of things that are telling me that the market is heading lower. Not only that, but I believe that, with vols down here, there are ways to play that offer a compelling risk/reward profile. I'll be looking to add out-of-the-money puts in the S&P complex (more vulnerable) in either May or June paper. Again, the financials are the most extended and, while NOTHING is guaranteed in this tape, I like the idea of defined downside risk. As always, just one trader's most humble opinion.

Watch the dollar (as well as the other macro tells), the financials, the semis (sentiment), retailers, breadth and our levels. S&P 860 and NDX 1020 are the first real support zones while yesterday's higher will act as resistance.

I've gotta hop, bunny. Kick some arse today.
position in spy, 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