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Wealth FX

By

I can't get it up!

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Money, it's a crime.
Share it fairly but don't take a slice of my pie.
Money, so they say
Is the root of all evil today
.

(Pink Floyd)


The morning spew begins anew as traders wonder what to do. The fire flies are buzzing in telecom (on the heels of Nokia (NOK:NYSE) and the entire food chain is playing the game. The chatter was around yesterday so the reaction to the news will be interesting. One thing for certain--and please don't discount this--the fear of missing is as palpable as it's been in a while. "Right here, right now" stuff? Don't know...but you can cut the tension with a buttah knife.

A quick sniff of the morning breadth shows three winners for every loser with a relatively better tone in tech. The saucy semis should be on your radar as it tests the triple top (from November and December). Traders are gunning for acne in the group (SOX 537ish is the level) so watch the action in this complexion. Hey Martin, can I borrow some of your Clearasil? And while you're at it, tell Minxy Jill we send our best!

Other levels to watch include S&P 1120ish/NDX 1485 (trendline support) and S&P 1130 (initial resistance)/1150 (mamaluke resistance). The brokers are also in that zone between recent highs (above) and bubble highs (below). As you know, the piggies (and their broker brethren) are super important to the underlying health of the market. Keep half an eye on them at all times.

Our old friend VIX is a scant 15 handles from ultimate support and while it's been drippy for months, I would be remiss in not pointing out the latest slippage. Yes, you can put that in the "yeah, yeah, we've heard it all before" file but nobody has talked about it in some time. Perhaps it got too loud (and widely followed) to be effective. Now, with nobody looking, it may be time to take a peek.

Finally, and perhaps most important, does anybody else find the notion of Mike Ditka on Levitra to be a really bad visual? Bob Dole on Viagra was bad enough but now you've got a grizzly bear with a pup tent? Hey, wait a minute--if a Chicago Bear can recapture lost youth, maybe there's hope for a Minyanville bear to do the same? Saddle up, Boo, your performace anxiety may soon abate!

I'll be back.
No positions in stocks mentioned.

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 todd@minyanville.com.

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.

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