The Thrilly Chill
You say you want
Diamonds on a ring of gold
Your story to remain untold
Your love not to grow cold
The morning Minx edges out of the gate as traders warm their cockles by the fire. I'm not quite sure what cockles are but if there's a fire, I wanna throw mine into the mix. There's nothing quite like warm cockles during a special Hump Day Elmerfest (ok, I'll stop). Let's take a nose dive into the daily muck.
The saucy semis are screaming for attention as Broadcom (BRCM:NASD) has spurred the trading herd. The index (SOX), not coincidently, also turned on the 50-day dime (moving average) and has (thus far) recouped half of yesterday's spankin'. The four-letter breadth isn't that snazzy (non-confirmation) and the internets (Amazon AMZN:NASD) are weighing on psychology so know that this battle is far from over (particularly with our bespeckeled friend due to speak).
Over on the big board, the financials are sticky green as the BKX (bank index) claws for traction (breadth isn't all that wonderful in this complex either). The trannies are taking it on the kisser , the homies are gettin' hit (on today's mortgage application dip) and the oil service index (OSX), for those with energy, is hanging despite Cooper Cameron (CAM:NYSE) getting waxed for $6 (it's 8% of the overall index). The rest of the main sectors are nondescript and it feels as if traders are in watch mode. S&P 1140 and NDX 1515 remain decent downside support.
A step back reveals marginally higher gold and dollar, a boring Europe and Fokker playing Mr. Big. The interview process continues in full force and Greg RN is living it up. I think I just heard him ask a potential candidate "What weighs more, a ton of feathers or a ton of bricks?" Are we having fun yet Florence? Hurry back, I'm not well versed in the virtues of Mr. Coffee.
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.
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.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap Newsletter