The Icy Dice
Watch the market leaders for signs of snappge!
I was just guessing
At numbers and figures
Pulling your puzzles apart
The morning fray is underway as the critters thaw out and ready to play. The chatter thus far--away from our teeth--is focused on the continued earnings, technical tension and laws of inertia. The blink-and-ya missed it paws in Hoofy's cause is old news. Now, as we edge forward for five fresh sessions, it's time to warm this baby up and take her for a ride.
We saw a coupla million QQQ for sale out of the gate and that burp you heard was the market digesting that flow. The tone, as it stands, is "hangy" as breadth is marginally negative but the averages are dancing on either side of unchanged. The semis have held SOX 525ish early, the financials are slightly red (lets call it pink) and energy issues are starting to turn (higher) after initial lethargy. In macro land, gold and the dollar are nonevents as Europe continues to drift a tad hamilton lower.
There has been some (very low) level chatter regarding the implications of Tuesday's Democratic primary and if John Kerry emerges as the clear favorite, some opine that the hedgies could get a bit squirmy. Why? Concerns regarding the issue of tax cuts and the specter of uncertainty entering the electoral dynamic. Thank you Elmo for pointing this out--I don't know if it'll get "loud" (Wednesday's business) but it's always good to keep on eye out for the zag.
NDX 1515-1520 and S&P 1135ish will offer initial support while the recent highs (S&P 1150/NDX 1560ish)) are areas of upside contention. All in all, it's quieter than a mouse peeing on cotton as we forge forward and find our way. While I have you, many thanks to those who continue to support The Ruby Peck Foundation for Children's Education. Vista Del Mar joined our philanthropic family last week so please take the time to acquaint yourself with their efforts. It's for the kids, Minyans, it's for the kids!
As always, 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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