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Itch and Scratch

By

Pace yourself!

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The morning Minx has sprouted some green seeds and as she tickles S&P 935, traders are weighing the early action. The tone, by and large, is constructive -- the internals are stronger than a mule's breath and the financials trade firm (thus far). Still, there are interesting signs the other way. 3M (MMM:NYSE) continues to trade heavy, the semis are (relatively) soft and (yawn) the dollar is weaker. It's VERY early, Minyans, and we've got a lot of trading left in the session (and beyond). Stay on your toes.

I'm admittedly torn on whether we need one more blow off rally before the short side trade comes into focus. As such, I'm playing a little "in between" (hence the single appendage add) and attempting to exhibit patience. A move through S&P 935 will likely trigger stops, and that fact isn't lost on either the bulls or bears. We saw supply enter the market yesterday at that level and it remains to be seen if that'll be the case today.

The path of maximum frustration is likely a confirmed breakout before failing but, again, the warning signs are already "flashing." What you must do -- what WE must do -- is identify an actionable time frame with which to trade. That's often my biggest obstacle when writing this column -- Minyans come in all shapes and sizes -- but I'll do my best to illustrate what I'm thinking (for better or for worse).

My eyes are fluttering between Citigroup (C:NYSE), Home Depot (HD:NYSE) (off an upgrade), Wal-Mart (WMT:NYSE), 3M, KLA-Tencor (KLAC:Nasdaq), IBM (IBM:NYSE), Cisco (CSCO:Nasdaq), the breadth, the dollar, our levels, and Fokker. Oops, I'm not allowed to talk about Fokker anymore -- he's become quite sensitive in his old age!

I'll be back.
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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.

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