Poppers and Droppers
Why can't we all just get along?
It's a state of affairs and a state of emotions
The kind of thing that you must understand
I tell you one thing; you tell me another
We walk away, maybe then shake hands
The early morning sprouts were met with a quick backhand and the games have officially begun. While I saw a fairly meaty seller of the S&P's out of the gate, there are constructive elements to the early action as well. I'm keying of MXIM as a SOX proxy (would that be a sproxy?) and it's bounced from the opening drub. The retailers and energy sectors are also firm (early) and that's a relatively constructive sign.
With that said, let's not forget the issues in play right now. For instance, a North Korean spokesman just called Dubya a "shameless charlatan" and the State of the Union an "declaration of aggression." In response to those kind comments, gold lifted, the DXY (dollar) weakened (marginally) and treasury's firmed --all of which could be "writing on the wall" for a sloppy equity tape.
Morning breadth is neither here nor there and doesn't offer us much direction at present. I'm sticking with my bear leg appendage for the time being--and it feels like today's gonna be a real battle.
Engine room, more steam!
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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