Watch S&P 922 as a short-term inflection point...if they can reverse 'em through there, I'd be psyched!
Hedley Lammar rode into Minyanville, walked up to bandit Boo and said "I want all you rustlers, cut throats, murderers, bounty hunters, desperados, mugs, pugs, thugs, nitwits, halfwits, dimwits, vipers, snipers, con men, Indian agents, Mexican bandits, muggers, buggerers, bushwhackers, hornswogglers, horse thieves, train robbers, bank robbers, ass-kickers and shnitz-kickers to make your way out of Minyanville. The good people of Rock Ridge deserve this rally and I'm here to make sure they get it!"
Boo, leaning against the saloon door in a black hat and his six shooter cocked. simply looked at the assistant to the Gov and just smiled. He knew that the trading community was caught off-sides and were eagerly anticipating the inevitable breakout. Hell, even sheriff Toddo incorporated a potential "pop" into his thesis...and when the bears are looking for a rally, you know it's time to stamp a ticket!
Lili Von Shtupp, who was witnessing the entire exchange from her perch on the stage, sashayed over and joined the conversation. "Zis mawket is not a wabbit," she begun, "it needs some west evwy once and a while. Just becawse the tape pauses, it's entirewy too earwy to say it's ovwa!"
Sheriff Toddo, desperately searching for clues nestled in the muck, walked into the saloon, give Lili a wink, and begin "Howdy Ms. Shtupp...(turning to the bear) wasabi Boo. As we discussed this morning, it's alright to have a view but it's more important to exhibit discipline. We've mapped out the bear case in this column for a week now and, while those caveats surely remain, there's still a lot of information due out in the days ahead. While the internals, semis and banks and technicals are ALL pointing lower, we can't rule out that this is a Mongo head fake. Stay on your toes, partna. We may not need no stinkin' badges, but we need all the profits we can muster!"
With that, the crew bellied up to the bar and toasted Biff on his upcoming nuptials. It would be a quick sip, however, as there was a lot of trading left in the day. They knew that if there was to be a Hump Day reversal, it would have to begin soon. Watch the financials (FNM!), keep an eye on Europe (slippy) and try to define your risk. With a little luck, we'll all ride into tonight's sunset.
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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