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Wasabi!

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The macro influences aren't helping my cause.

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The tape springs to life and another day in Minyanville has been born. Early themes include the banks (down a deuce), the dollar (slinking lower), bonds (screaming), our levels (holding thus far), gold (creeping higher), energy (firm) and Fokker (do they sell men's clothes where you got that shirt?).

Is this yet another suck in before a trade higher? Not without the banks, it's not, and they're struggling to find a level. Watch this group as a sentiment proxy and monitor it for signs of slippage/traction.

It's an N's over S's morning which makes sense, I suppose, as portfolio managers reach for the master betas. Individual names I'm watching include American International Group (AIG:NYSE) (financial sentiment), Qualcomm (QCOM:Nasdaq) (crowded short and testing resistance), Veritas (VRTS:Nasdaq) (buoying storage) and 3M (MMM:NYSE) (Dow proxy).

Are you happy now A.J?

The early fade (higher) try is/was intuitive and most everyone I speak to is convinced that this move lower is a head fake. I'm not sure. Breadth is a bit sloppy, the bond action is intriguing and the HARDEST trade right now would be to short into support. I'm trading around my gamma here and I've got a couple of select longs (crowded high beta tech names) on against some QQQ puts and a smattering of cheapie out-of-the-money puts (financials).

Gotta hop, Mon Frere -- play like an Orangeman today!

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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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