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Frogger!

By

Mama!

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There's blood in the streets, it's up to my ankles
There's blood in the streets, it's up to my knees
Blood on the streets in the town of Chicago
Blood on the rise, it's following me


(The Doors)


The opening flurry was crimson and blurry as bids were made and hit in a hurry. The dollar was the early focus and, on the heels of the disappointing economic data, the monopoly peg has picked up in pace. That dominoed equities through yesterday's lows and begged the most obvious question: Are the bear's mojo finally risin'?

There's a lot of trading (and agendas) left in the session but heavy is as heavy does, Forrest. The morning breadth is worse than 2:1, the semis, brokers, banks and cyclicals are all pointing due south and gold is perking up. That's a recipe for Boo stew and active Minyans can use S&P 996 (yesterday's lows) as initial (and tight) resistance.

Watch the dollar (for signs of snappage), the financials (leadership), NDX 1308 (the 50-day that held yesterday), retail (been acting heavy), breadth (best tell) and the internets (beta proxy). Snapper will likely try to make a cameo and squeeze the fresh pressers but absent improving internals or leadership (semis or piggies), he's gonna have a tough go of it.

I'll be back.
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No positions in stocks mentioned.

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.

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