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Answers I Really Wanna Know: The Revenge of Turnaround Tuesday?

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Will S&P 980 serve as resistance on our counter-trend session?

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Speaking of which, did you see this post in real-time late yesterday on the Buzz & Banter?

Dauntage! - 3:35 PM

The storm clouds just rolled into Gotham. No kiddin'! My window-free and clear now that we've moved the critter backdrop to the downstairs studio-turned pitch-black justlikethat.

This has happened before and it preceded the same sorta storm in the market. Of course, that's a silly reason to trade and it's far from actionable.

It does, however, offer poetic license to communicate that the proximity of S&P 980 (
defined risk), coupled with the looming Turnaround Tuesday, in addition to the reaction (or lack thereof) to "good" news this morning, on top of overbought readings, in conjunction with Jeff "Coops DeVille" Cooper's earlier vibage, was enough for me to dip a toe into some S&P short-side exposure.

Nothing crazy, but always honest.

  • This was yesterday's good news?

  • If everyone in the mainstream media believes we're due for a pullback but it will be shallow, does that mean we don't get one at all or it'll knock the socks of the bulls?

  • Why can't I stop channeling William Wallace?

  • Do you have any idea how much a trillion dollars is?

  • Or that western civilization has not existed one trillion seconds (which is 31,000 years)?

  • So that entire spike higher in the VXO was a one-and-done aberration?

  • Or should we be picking up longer-dated volatility as the VXO edging towards 20? (I believe we should)

  • Kickboxing at 6:00 AM? Seriously?

  • You've spied that flag pattern in the financials and understand that these formations typically "break" in the direction of the prevailing trend?

  • Do you remember that in trading, much like dieting, you can trip but you mustn't fall?

  • The New England Patriots are odds-on favorites to sign Michael Vick?

  • Supposing the breakout above S&P 956 is for real, doesn't Technical Analysis 101 dictate buying the acne on the retest of the former resistance?

  • If you believe your name and your word still mean something and honesty, trust and respect are the foundational construct of any successful endeavor, why haven't you climbed aboard the Minyanville Underground Railroad?

  • Where, in addition to taking a more proactive role in being a part of the solution rather than part of the growing problem, you'll get a sneak peak at Memoirs each
    week?

  • What does the breakout in Noravax (NVAX)-which makes novel vaccines to address a broad range of infectious diseases-portend about the scalability of swine flu when the actual flu season starts?

  • Are you filing away the IBM (IBM) acquisition of SPSS Inc. (SPSS) as an on-the-margin positive for the market (particularly given the 40% premium)?

  • Anyone else miss Bennet "Blue Steel" Sedacca?


R.P.

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Position in S&P

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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