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Quick Sniff

By

Tattle tale!

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  • Gold--and gold stocks--are rocketing out of the gate. The yellow metal has tacked on a quick finski.

  • I'm being told that "some" new shorts were initiated in three letter land on Friday. Watch the Cyclicals.

  • There is a certain giddiness to this morning's tape/research. That could feed on itself (as traders 'take a shot' to start the year) but let's not forget the relative field position (overbought).

  • A deep freeze is supposed to hit the northeast--keep an eye on the oil and gas commodities.

  • Watch the internets as a master beta proxy (Amazon (AMZN:NASD) just turned red).

  • Google sure is getting a lot of press/play. Depending on where the tape is (when the IPO hits), it smells like a "toppy" event.

  • "Buy stops" are set above Friday's highs.

  • Breadth is (obviously) minty early--watch this guide as the euphoria subsides.

  • Toss Dow 10,500 as a near-term resistance level.

  • Daisy had a lampshade on her head new year's eve. Story to follow.
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