Slithering Succotash! The VIX is almost back at 30!
Very superstitious, writing's on the wall
Very superstitious, ladders bout' to fall
Thirteen month old baby, broke the lookin' glass
Seven years of bad luck, the good things in your past
I hear ya, Stevie, and I'm shaking my head too! Not only are the Raiders featured on the cover of BusinessWeek ...they're gracing the cover of Sports Illustrated as well! Who on God's green earth is running the show over at AOL Time Warner? If the football gods are listening--the Titan's are a lay-up!. There's too many Oakland fans sprouting up and that, coupled with the cover smother...Oy vey is meir!
The ultra-preppy and wanna-be Biff-dressing Lappy just pinged me on IM and told me to be a man and put that other leg back in my bear costume. Dude--are you sniffing glue again? If you've read me at all this year you know that MY strategy will be focused on a tactical trading approach . I've spewed Boo for the last week and, while I'm still wearing the bear suit, I know that the easy trade has likely occurred. Everyone has a distinct methodology and, as I think that this year will be the hardest yet, I wanna jab and build up the punch count.
The fade's fade is leading the market lower and the SOX chatter is starting to get loud. The semiconductor index just broke 300 and, if you peer through the dandruff, you'll see the neckline sitting around SOX 285. If (when) we crack that zone, the head and shoulders we've been incessantly talking about will be confirmed. Remember, Skiba--no anticipating the anticipator!
The breadth has slipped back to 3:1 losers over winner and, while the banks trade relative dry, the brokers are starting to slip. As I said in the earlier post, we know that tech has issues today...but if the financials start to fall apart...oofa loofa! Slaino tells me he's seen the vanilla buyers around but, on the other side of the trade, the macros have been steady sellers.
There's not many bright spots nestled in today's muck but, again, there's a lot of trading left in the day. The S&P is sitting right on 900 and the bulls will likely defend that level (the first time). For my part (and I don't wanna hear it Lappy), I'm going to lower my stop on the bear leg to NDX 1040. I can always dress up again at a different juncture but that's how I'm going to play it for now.
I'm going to load the critters onto the Oakland express at 1:30 but, once again, I'm gonna try and do the wireless thing on the way to JFK. I had some problems last week with the set-up but Pepe and the techies assure me that I'm good to go. Vive la France!
It's pizza time...and that's my cue. I hope this finds you well.
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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