As long as I use disciplined stop levels, I can play all I want!
- The Pfizer (PFE:NYSE) news is boosting the pharma sector. Remember PPH 80 (pharma HOLDRs) was a breakout on point & figure.
- Catch-22 for the bears: There are a ton of breakouts on the charts -- but they knew (felt) that the technicians (along with everyone else) had to endorse the rally before it failed.
- The TRIN fell to .48 yesterday. Since the start of the bull phase in March, there have been six occurrences of a TRIN closing below .50 and every time it happened, the subsequent session was +/- (consolidation). Thanks Clyde.
- S&P 1007 (the previous Friday's exhaustion high) can be used as a long-side stop for aggressive day traders. NDX 1230 is initial support for the techs.
- I haven't seen blind optimism like this since the bubble days. Could this be Bubble II: Revenge of the herds? Maybe -- in a much smaller way -- but maybe.
- There's a huge Microsoft (MSFT:Nasdaq) call buyer out there (again)
- The OSX false breakout is a textbook example of the caveats associated with trading pure technicals. With that said, the PPH "shook out" the weaker holders as well.
- Everyone (and I mean everyone) I speak with thinks they rip 'em higher. While I'm the furthest thing from a pack rat, I'm using an S&P 1011 "stop" on the lone furry appendage as a function of discipline.
- There's no such thing as a "sure thing" in this business.
- In an environment ripe with performance anxiety, the master beta names (homies, bios, tech) often serve as financial Viagra into quarter end.
- I still think we see a major top this summer.
- Daily tells include Microsoft, breadth, our levels and the biotechs.
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 email@example.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.
Daily Recap Newsletter