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Mutterin' & Stutterin'

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Not only have I never been to Jackson, Michigan.....I'm not that type of cow!

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"Oh I like this one.. One dog goes one way, the other dog goes the other way, and this guy's sayin', 'Whadda ya want from me?"

--Tommy DeVito, Goodfellas



All right, that was a little crazy. Blink! The Spooz dropped ten handles. Wink! The tape bounced back after some tasty nourishment from the Philly cheese steak. Now, we got one dog looking this way, another dog looking that way and Fokker's saying "Whadda want from me, boss?"

Indeed, there's more than a few crossed signals in today's traffic. In Hoofy's corner, the breadth doesn't budge, the semis hold tight despite Intel's (INTC:NASD) slippage, and the S&P has held the lower band tag of the trend channel (from August 6th). For Boo's part, the financials have traded funky all day, Intel is slipping (it led us higher) and we've yet to break out above the trend channel/triple top.

I've been naked for a long time and decided earlier that S&P 1007 offered a decent risk/reward for a little costume dressing. By setting an uber-tight three handle stop (S&P 1010), I defined my trade parameters and implemented a set strategy. So you know, I did pick a bit (read: buy small) on that initial break as an unknown loomed (Philly Fed) and I stumbled into some quick gains.

To be clear, I've got a few different trades on right now. The appendage add was "tight" day trading risk that augmented my core positions. My "broader" book still has my financial puts and some industrial calls (positive gamma) although I took the lion's share of my semiconductor exposure off. I may be early to the exit but the Intel action tainted my view. Besides, nobody ever went broke taking a profit.

I'd like to offer a strong view into the close but I'm not sure that one exists. I can only tell you how I'm playing it with the hopes that, at some level, it adds value to your process. Watch the financials, Intel, the breadth, our levels, Microsoft (MSFT:NASD) and your watch. In three short hours, we'll all be able to turn our attention to the important stuff.

In Minyanville news, I'd like to thank all the Minyans for the fantastic response to the Critters Choice Awards. While we all work to live, there's nothing better than working to help improve the lives of children. In the coming days and weeks, the site will be updated with confirmed talent, sponsors and beneficiaries. Further, we'll soon be launching our first CCA auction and you'll have the opportunity to star in the first ever Minyanville animated trailer that will debut November 12th. Pretty cool, right?

Hopin' that your jeans are jinglin' a bit. I'll be back.

position in spx, smh

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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