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More Random Thoughts!

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Good luck Minyans!

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  • Our collective dependency on technology is scary. My systems are still down but, thanks to that thing called "fax," I've been able to get some posts out.

  • NDX 1240ish is a big level. It was previous support (July 3rd and July 21st) AND it's the 50-day moving average.

  • I think Jan and Marsha should wrestle Blue in a K-Y grudge match!

  • Strive to be happy. (Dan Meehan)

  • Bullish elements: we saw a lot of "pressing" by the shorts last night, Microsoft (MSFT:NASD) and the BKX are about to give a stochastic buy signals, the rate flush (although, I would argue that this volatility is NOT good for the financials), S&P 965 held (the first time), Dow 9000 held, we're entering a quiet period (psychology rules), the tape rallied without Cisco (CSCO:NASD).

  • Bearish elements: The bull camp is (still) crowded, the NDX trendline was violated, the famed second half recovery is MIA, Elmer's got credibility issues, good news is baked into these levels, the multiyear head & shoulders is textbook, the internals have steadily deteriorated, there have been lower highs with each successive rally try, there's huge negative gamma in the marketplace (see below).

  • We've seen a TON of put selling (to open) by dealers today as they try to "capture" this latest pop in the VIX. If we begin to spill anew, that's gonna create a vacuum on the downside.

  • This has been a very frustrating day but you know what? It could be worse. I just got a call from a friend who asked me what time Angie's memorial service is tomorrow. Suddenly, system problems don't seem like such a big deal.

  • Do I still think rallies should be sold? Yes, I do...but there are reasons why the market could rally (see above).


position in csco

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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