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Set-Up Into Turnaround Tuesday

By

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.

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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