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.



Remove emotion!


The early morning IMs have lit up with "sell, Mortimer, sell!" and, as nothing is easy in this tape, the first fade is higher. While I STILL appreciate the potential for further strength, I continue to feel that it's an opportunity for Boo. I'm slipping that other leg into my bear costume (makes 50% conviction on the short side) and will now take a deep breath.

Standouts this morning include energy and the consumers (green thumbs) and the retailers are attempting to find some footing. CSCO remains a tell and, as it stands, it's a crowded battleground. Breadth, while negative, is off it's worst levels, Europe is getting hit, there's chatter of asset alligators (OUT of stocks), the dollar is firmer and, what the hell, we're ordering sushi for lunch. Wasabi!

Again, please understand that while I've got both legs in, my trading this morning was more manicuring than pressing. I've added to some defined risk June puts and re-established some gamma. There IS a chance that the early morning negativity will lead to our final blow off but, truth be told, it's too early to tell.

Watch S&P 920-925 (and BKX 800) as the next support zone.

Gotta hop.

position in csco, spx

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