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Here are my most recent thoughts on the market as of this morning, in no particular order:
We highlighted the action in the banks yesterday and again this morning
(subscription required); so long as the piggies poke higher, the tape should follow.
(INDEXSP:BKX) 71.50 and S&P
(INDEXSP:.INX) 1850 underfoot, the respective technical targets are around BKX 77 and S&P 1960.
Is that gospel? Nope; there is no such thing. It does, however, provide a context for risk management for those who spend their days managing money.
The bulls would feel a lot better if the transports were tagging along, but thus far they're not -- TRAN (INDEXDJX:DJT) 7600 is the level of lore there.
High-beta tech -- ex-Apple (NASDAQ:AAPL) and Amazon (NASDAQ:AMZN) -- trades firm as well.
You know what doesn't trade well? Twitter (NYSE:TWTR), again.
And market breadth is negative, which is a bit surprising given the tone.
Does headline risk remain? You bet it does. Unfortunately, China and Russia are probably closer to the beginning of their news cycles than the end.
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 firstname.lastname@example.org.
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