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 email@example.com.
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