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Random Thoughts: Underlying Bid in Financials and Homies?

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The financials and homies were the two sectors amongst the first to fail...

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  • Why Two K? Because past support is future resistance. Tech has room to that level, and then the games begin.

  • As goes the piggies, so goes the smoke. If, prey tell, Snapper saves the day, the single best tell will have been Merrill (MER). You can learn a lot just by watching.

  • Keep it in perspective, however, as we've got a layer cake of resistance above in all sorts of sectors.

  • American Express (AXP) and McDonald's (MCD) account for 75 downside DJIA points.

  • Citigroup $30 is initial resistance, we know, but keep that level in perspective. The more oversold a stock is, the less impactful the first layer of resistance tends to be.

  • Are you ready for some football? Go Packers, go Jags, go Bolts and Go Jints!

  • "Greed, in all of its forms; greed for life, for money, for love, knowledge has marked the upward surge of mankind. And greed, you mark my words, will not only save Teldar Paper, but that other malfunctioning corporation called the USA."

  • Why don't cannibals eat clowns? Because they taste funny.

  • File this under "may be nothing, may be something, may be silly" but there is an underlying bid in the financials and homies today, which were the two sectors amongst the first to fail. Whether this is simple reversion or an early tell remains to be seen but keep your eyes peeled as we figure it out.

  • Wowzers I'm tired. And to think that a week ago I was standing hanging with tasty waves and a cool Bud. Why is it that vacations always seem to fade so quickly when we edge back to life, back to reality?

  • Hey, it could be worse Johnny! As always, I hope this finds you well.


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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