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Rhapsody in Red

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Is this the real life?
Is this a fantasy?
Caught in a landslide
No escape from reality


Well, its gut check time for the bulls as the news flow since last night is undeniably bearish-particularly on the heels of this latest rally. I'm sure there will be a point today when the bears are schvitzing too. Remember, there is a camp that wants a pullback so they can add exposure. Will this be a classic case of "be careful what you wish for?" Stayed tuned...

The earnings reports from industrial land (since we last spoke) were, for the most part, downbeat. Still, we'll likely see an attempted fade (read: buy) off the opening levels--but we likely won't see the true tenor of the tape until after the noise settles down. Watch the banks (BKX), the semis (SOX), CYC (cyclical index) and, of course, the ever-important internals as we find our way today.

Support zones in the S&P come into play at 870, 850 and 810 (all past resistance) while NASDAQ support comes into play at NDX 900 and 850. Gotta hop for the opening bell. Take deep breaths before making capital intensive decisions, my friends, and don't press. Patience typically brings price.

See you after the opening.

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.

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