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Randoms: Back Into Reality

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Traders edge into a fresh five-session set

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  • Is it me or have a lot of people passed away lately?

  • While S&P 875 (where we broke out) is a more critical support than the 200-day, the first probe of that "big yellow line" was defended in kind as you might expect.

  • Green beans in the Red Sea? American Express (AXP), 3M (MMM), Dell (DELL) and select retail (Sears (SHLD) and Wal-Mart (WMT).

  • If you've got a green bottom line, don't be afraid to trade "in between." Steady steps lead to great strides.

  • As per our earlier observation, I bought Research in Motion (RIMM) into the second dip this morning and set a stop below the daily low. I'm not digging the chart (it looks like dandruff destined to fill that nosty downside gap) but you can do anything as long as you're disciplined.

  • Speaking of which, discipline dictated making a partial sale on (what was) a snazzy purchase when it immediately popped a deuce. Ergo, discipline dictated making a sale once my pre-determined level was triggered. I chose, however, to count to 100 backwards due to the proximity of the S&P 200-day (and the potential for bovine defense once again).

  • I am acutely aware of the caveats of risk rationalization and will not let the definition of an investment be a trade gone awry, particularly given my big picture bent and the aforementioned chart. I'm simply trading with a crayon rather than a pencil and plan to be adios by the close.

  • Bank America (BAC) is quietly down 4%. As this has been the single best tell (as opposed to the single whitest female), it warrants a mention as we chew through the dew.

  • For all the negative press the Hamptons gets, I must say that I enjoy an occasional weekend in the woods (particularly when I have an opportunity to chow the Tartufu at Nick & Toni's and see some old friends, which is always good for the soul).

  • As long as the S&P holds 875, the widow for Turnaround Tuesday will remain open.

  • What the heck happened to Steve "Air" McNair?

  • Last week, with the VXO at 23ish, I asked for odds on this fear index doubling before year-end. I had no takers, which is unfortunate given the 25% pop week over week.

  • While I was planning on having my 2009 "half-time report" post this morning, travel snafus (and a last minute decision for Sunday night sushi) will push it until tomorrow. All good things, Minyans, just keeping you up as always.


R.P.

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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.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

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