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Shovelin' Schvitz

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Tickle me Tuesday!

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The opening flurry has ticked in a hurry and man, time sure flies when you're jugglin' jigsaws! The combination of earnings and emotion have converged on the Minx and all hands (hoofs and claws) are on deck. Without further adieu (whatever that means), let's dive into today's muck en masse.

We saw some "black box" types (quants) taking (read:buying) some S&P futures (1000 or so) out of the gate and I'm told it was a "one and done" order. On the heels of that, some hedgie types were selling tech (long) although I'm not sure how meaty they are. All the while, the indices opened on either side of the flat line and are now settling in for the daily dance.

The story of Friday's "flexpiration" continues to make the rounds although nobody seems to have an edge either way. As the story goes, long term collars (hedges) were put on last year and struck to the LEAPS (long term option contracts) "off board." The chatter (and, as of now, that's all it is) that this protection lent a bid to the tape and now that it's gone, the bid might follow. Not actionable, per se, but worthy of a quick discussion.

A quick check of the morning breadth is workin' 9 to 5 (nine winners for every five losers) and the sector spotlight is nondescript. I'm eyeballin' Citigroup (C:NYSE) on the heels of its earnings, the cyclicals (3M (MMM:NYSE), General Motors (GM:NYSE), Caterpillar (CAT:NYSE), Intel (INTC:NASD) and Cisco (CSCO:NASD) as daily tells. I'm also watchin' Fokker...he's got a "cat that ate the canary" look goin' and I'm fishin' for a weekend story.

In level land, NDX 1550ish (top of recent band) and NDX 1515 (bottom of same) are areas of note (support) as is the magnet that's S&P 1050. I've read a bunch of reports this morning and most seem to agree that we've gotta go higher before we go lower. Again, as a function of the aforementioned charts and prevailing momentum, it wouldn't shock me although at this point in the game, toes are meant to be stood upon.

I'll be back.
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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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