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Freaky Friday Potpourri: The Make or Break!

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A binary event looms for the market.

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"Caught up in a whirlwind can't catch my breath, knee deep in hot water broke out in a cold sweat. Can't catch a turtle in this rat race, feels like I'm losin' time at breakneck pace." --SRV

Oops, there it is. With the stair-step nationalization of Citigroup (C) dominating the headlines, we arrive at the freak that is Friday to find the stock market sitting at a critical crossroads.

S&P 741-the November (and multi-year) low-is the level of lore.

Break, and "sell stops" will trigger throughout the land.

Hold, and the "double bottom healthy retest" chorus will sing loudly with hindsight.

If only it were that easy.

Pepe Depew, whose technical work has been dead on balls accurate, has steadily offered that a move below S&P 741 is necessary for a rare convergence of DeMark exhaustion buy signals. I don't claim to understand the nuances of this technique but if it helps, I'll toss my exhaustion into that mix as well!

Given the magnitude of the moment, I'm gonna unleash the hounds and spew the dew.


Answers I Really Wanna Know...


Wisdom from Minyan Peter

"While the largest U.S. banks begin their stress tests, I thought this quote from the head of Royal Bank of Scotland (RBS) regarding its own loan loss forecasts was instructive:

"All of us have our eyes open but we can't foresee the future. I don't think any of us have any ability to ascribe a sensible probability of where the loss will occur, or at what pace." --
Buzz & Banter, February 28, 2009


The Minyanville Underground Railroad

Last week, we floated the idea of creating a global grid of human capital, folks who are very good at what they do and better at who they are. People who still believe that our name and word means something and there's a better way to do business with honesty, trust and respect.

The feedback has been astounding, with almost 500 Minyan Ambassadors in all 50 states (thanks North Dakota !) and 25 countries. And we've only just begun. On today's close, we'll shoot out correspondence-including the "secret" hand sign-as the first step in this most worthy journey.

Minyanship isn't bound by political affiliation, religious beliefs or borders; it's an ethos, a belief system and a conscious effort to be part of the solution. If you would like to climb aboard The Critter Express, just let us know and we'll get it done.

And thank you-for a dream is only as powerful as those who believe in it.

R.P.

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Position in YHOO

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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