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Another day of the freaky fray is upon us as the bears seize the early lead. As is often the case these days, time is a precious commodity. As such, I'll dive right into the news and views that matter for the session and beyond. In no particular order:
The greatest trick the devil ever pulled was convincing the market that the SMART Money Index didn't exist. It does, and it's updated below.
Of course, if technical analysis were gospel, it wouldn't be called trading -- it would be called "winning."
Speaking to financial services clients, identifying a way to crack the millennial code is priority one; there's a massive transfer of wealth on the horizon. Personally, I'm a buyer of that demo.
Minyanville's Peter Atwater delivered a tremendous TEDx talk on America's chronic "underconfidence." As a card-carrying socionomicist, I think he makes some fascinating observations. You can view them here.
The SPX versus KBW Bank Index (INDEXSP:BKX) chart is below; presumably, the banks will either outperform the S&P, or the S&P will underperform the banks. It's all relative.
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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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