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Rose Hill

By

The turtle is costing me hair!

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Run,run, run for the roses
The bigger it opens, the sooner it closes
Meddle, meddle, friend of mine
All good things in all good time.


(Jerry Garcia)


The third quarter edges closer to the history books and our resident turtle is getting itchy. Snapper, clipboard in hand, is walking through Minyanville in search of his cameo requirements. Dollar sparkage? Check--the (perceived) intervention took care of that this morning. Breadth test? Half a check--the internals have improved to a balanced state. Levels? Half a check--the NDX held its 50-day (1308) but the S&P is bumping up against the same (1002).Leadership? Another half check--the financials are trying to step up (and the retailers have a better) tone but the semis remain sluggish.

We sensed that Sir Snapper was, at the very least, gonna give the upside a try and he's certainly done that. In the process, he planted two seeds--one of doubt and one of hope--that will be sowed in the mindset of the trading community. I opined in my last column that if they couldn't get 'em down, the newbie shorts would elect to eject. That's happening now in Flow's Diner as Mel smells something cooking to the upside.

I would love to give you a solid read into the close but I'm not sure that one exists (as a function of the end of quarter gamesmanship). I will offer that the bull may have an edge as Boo had them dead to rights but couldn't spill the beans. That's causing some sprouts in an otherwise red forest and, as we know, those weeds can be contagious. Either way, please understand that there's some decent two-sided risk out there and craft your approach accordingly.

I'm juggling a buncha stuff today so lemme hop. I sincerely hope that you're all finding your way and, if not, that you're not pressing or guessing. The seas are angry today, my friends, so pick your spots and remain disciplined. The casino will be open for business all week.

Fare ye well.



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.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

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