A Morning Sniff
Remember the Titans!
The aroma of fresh coffee fills the air as the world of flickering ticks fills my screens...and Superbowl week in Minyanville has officially begun. Monday's after expiration are usually characterized by market players manicuring their risk profiles and the early morning action seems to be holding to form. As the tape settles down and traders settle in, a truer tenor should begin to emerge.
Energy names jump out (on the heels of the Venezuelan chatter) as both the XOI (oil index) and OSX (oil service) are down over 2% out of the gate. The banks, which sprouted green initially, have begun to slip marginally (watch Citigroup) while the semi's are flat (not thrilling on the heels of an upgrade). Watch the S&P 900 level as it's the zone that held Friday and, if the bears can push 'em through, S&P 875 seems like the next technical magnet.
There were several buyers in the futures market on the opening but, as it stands, they were met with ample supply. I'm closely watching our tells to see how many ducks are lining up. In other words, when the banks, brokers and semis are pointing in the same direction and the breadth confirms, the writing is usually on the proverbial wall.
I'll be back.
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