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The Marching Band

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Discipline over conviction!

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I can tell your future
Just look what's in your hand
But I can't stop for nothin'
I'm just playing in the band.

(Grateful Dead)


Talk about a spike, Lee, that 10:30 pop was champagne worthy! The rhymes I'm hearing assigned to the reason include chatter that tomorrow's data was leaked early (unlikely), a story that Saddam stubbed his toe (hopeful) and speculation that alligator walked into the swamp (possible). Regardless, the run gunned the Minx to S&P 1000 where she's currently taking a lay of the land.

Making my calls around the street, the cash desks continue to be relatively quiet. They could be a function of the recent range and investors wanting to see a definitive resolution. If we close above S&P 1000, the pennant formation discussed this morning will have been breached. The mamaluke number remains S&P 1015, mind you, but this should also be on your radar.

Lest we forget, today IS month end, and that always has the ability to add spice to the mix. While the smarter fellas I speak with are "laying into this," I'm also seeing a fair amount posturing by the bulls. In their eyes, this is textbook action coming out of a basing period and they've already begun their end zone dance. I will say this--it is a very important juncture in terms of both time and price.

Tomorrow's data looms and, with it, the possibility of posturing exists as we approach the close. Keep your eyes peeled for NDX 1315 and Dow 9355 (previous highs), monitor the bonds (yields rising), define your risk (when possible) and above all else, remove emotion. These thin and whippy sessions can have some bite if you take your eye off the ball.

I've got some afternoon meetings today and will be away from Minyanville tomorrow. Stick to your disciplines as you navigate the muck and take what the beast will give ya. More importantly, do what ya gotta do, such that you can focus on the important stuff. When away from the fray, you've gotta enjoy the day.

Fare ye well.
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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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