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Randoms: Turnaround Tuesday Strikes Again

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The bears put a scare in the bountiful bovine.

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  • Turnaround Tuesday. Uncanny, right?

  • LIBOR is falling the fastest since January? Awesome, but does anyone remember what happened to equities in the months following January?

  • Several Minyans have asked that I don't comment on the travails of Jack Bauer as they DVR the show. Fair 'nuff-we aim to please in these parts-I'll simply say that I'm deeply disappointed in a certain someone.

  • The first thing I do when spying action is to pull up a chart for technical context. As I watched the energy patch flip the upside switch, I took a gander at the OSX and discovered a rather pronounced sideways channel.


    Click to enlarge


    After a large decline, this action is typically considered churning (working off the oversold condition as a function of time) rather than basing but either way, keep your eyes peeled on either side of OSX 100-OSX 145 (Mr. Valentine has set the price). A breach, either way, will speak volumes.

  • Given the upside action in Citigroup (C), AIG (AIG) and both Fannie (FNM) and Freddie (FRE), I can't help but wonder if the "de-hypothecation" chatter (government not making its shares available to borrow (short)) is again making the rounds.

  • I carried some Apple (AAPL) puts overnight with an eye towards Turnaround Tuesday. I re-initiated yesterday after getting squeezed out of my previous risk on Thursday, and I've been peeling out of the exposure throughout the session. It's a pure trade and as I abhor blind risk, I plan to keep my exposure tight as I'm traveling to Orlando Thursday.

  • Does the S&P need to retrace to 800 for perfect symmetry on that (bullish) reverse dandruff?

  • Have you checked out Smita's Bull Market Timer? She's one smart cookie and I truly believe this presentation/video of hers can help all types of investors.

  • Have you noticed how easy it is to "Do Something Joel" (a random act of kindness) and put a smile on someone's face?

  • Wouldn't it be fabu if I was still lugging that outsized FAS position that I publicly built in and around $3?

  • Pure impatience or purely a function of opportunity costs being the other side of discipline?

  • WWBD?

  • If papa was a rolling stone, what the heck is Mick Jagger?

  • Given I didn't get the rotation I was looking for in the consumer non-durables, does discipline dictate taking the ten cent loss on the XLP that I added on the opening? (Yep.)

  • When is the last time you smiled so hard that your face hurt?

  • Watching this perhaps?


R.P.



In memory of our fallen friend and trusted colleague, Bennet Sedacca, 100% of the donations made to the RP Foundation through April will be channeled to philanthropic endeavors consistent with the RP mission, working closely with the Sedacca clan in the distribution of those funds. We thank you kindly for your support as we strive to effect positive change in the lives of children.

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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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