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Set-Up Into Turnaround Tuesday

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Lining up some counter-trend plays.

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"She's got Legs, she knows how to use them..."
--ZZ Top


We've spoken about the bullish technical construct that has evolved since the middle of July.

When it happened.

As it continued to happen.

Why it was happening.

And, more recently, as it continued to continue to happen.

Earlier today, I offered my humble take on what could be awaiting for us around the corner as crude toggles towards $110 and the S&P edges toward the 1330-1350 range.

While a snapshot of today's teas leaves bodes for higher prices still, I've been peeling out of my upside exposure as I guild a laundry list of potential "counter-counter-trend plays."

As it stands, they include USO calls, airline puts (Continental (CAL) into $20). American Express (AXP) into $40 and potentially some pure downside market plays.

I'm due to get smoked, I know, but I wanted to give ye faithful a peek behind my tired eyes as we edge through just another manic Monday.

Should we continue to ramp into the close--with the attendant drop in crude--we would seemingly be setting up for a classic Turnaround Tuesday.

As always, simply one man's most humble opinion.

R.P.

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