Pop Goes the Weasel
Hey Hoofy, don't let them push you around anymore!
The Minx springs to life and Thursday in Minyanville is officially under way. Yesterday's bear trap close clearly caught some of the shorts with their pants down and, as I write, I'm seeing some hand over fist covering. Naturally, the first move (higher) today is the "easy" move (on the heels of last night's earnings)-and you can almost hear the National Anthem humming in the background as the games are set to begin.
While I am fully aware that the late day appendage add was "slipped" into, I'm currently weighing how to approach this action. The bears will clearly try to assert their will out of the gate (and press the tape down) but I'm wondering if that's too cute? My initial instinct was to remove that appendage, but I've decided to count to 100 (backwards and by primes) before acting. There's "probably" another push higher and, if/when that happens, I'll hop to it.
An early smell of the breakfast breadth shows the winners clipping losers 2:1 in techland and 3:1 in the old school. Meanwhile, the financials are acting a bit heavy (it's very early) and investors will be keying on this complex (and so should you). AT&T, which is down 4 after a confusing earnings report, has clipped more than 30 points off the Dow Jones and that is likely helping to quell sentiment. Finally, LLY is weighing on the pharma group and I'm seeing some sell interest in that arena.
Holding steady on my posture for the time being...I want to see if the opening faders (read: sellers) get faded (read: bought) before acting.
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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