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Global Warming

By

Elmer hits the tape at 11:00 am!

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When you believe in things
That you don't understand,
Then you suffer,
Superstition ain't the way


(Stevie Wonder)


The morning fray is underway as the critters juggle, toss and play. The aforementioned QQQ buyer accumulated over three and a half beans (read: millions) and couldn't budge the trudge. Once he finished, the vultures were only too happy to plug the thug and we're now seeing multiple sevens for sale. Man, this is one vicious business!

The early standout is the saucy semis as they've quickly gotten dinged for a deuce (2%). The SOX broke out recently at 535ish and that level (past resistance) will act as initial support. Software is soft where? Pretty much everywhere on the heels of SAP (SAP:NYSE) and while these two sectors are slippy, the tech troubles are thus far isolated. Keep an eye on telecom and the networkers as they're attempting to play big brother to their bothered brethren.

Over in the old school, energy issues are catching a bid as rude crude tickles $35/barrel. This development warrants attention as I'm not sure too many analysts have factored this into their models. Chalk it up as yet another troubling macro data point to add to the dollar squalor and bold gold. I know it's been shrugged off like a would be tackler but that doesn't mean you can ignore it completely.

On a separate note, I opined yesterday that a crisis in confidence might be the spark in the dark and while it's not gamable, per se, I'm watching this with active interest. I'm as red blooded an American as you can get but something doesn't seem right at 1600 Pennsylvania Avenue. While this is not a political column, developments in that arena have profound implications for every asset class. Remember, Minyans, perception is reality.

I'll be back.
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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 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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