You're gonna put what WHERE?
My time coming, any day, don't worry bout me, no
It's gonna be just like they say, them voices tell me so
Seems so long I felt this way and time sure passin' slow
Still I know I lead the way, they tell me where I go
The afternoon session has left an impression as Boo wades through a midday equity enema. The action had traction this morning and, after they couldn't dent 'em to the downside, the bulls are once again tickling resistance. Sell 'em on good earnings, take 'em on crapola--dude! I'm schizophrenic....and so am I!
While the absolute returns aren't a big deal either way, two things stand out: The breadth is (thus far) minty and we're witnessing a shruggy hug (ignoring bad news). Both are constructive inputs and they must be weighed against pending resistance (S&P 1050-1060), troubling stochastics and the recent selling of good news.
I haven't deviated from my game plan and, truth be told, I'm trying to filter out the noise. There's no denying that, as it stands, Hoofy is diggin' today's action but keep a few things in mind. One, tomorrow's expiry may be skewing the dew. Two, there was likely a fair amount of pressy guessing (on the opening that had to cover) and three, a ton of earnings remain (tonight and next week). All of these factors must be assimilated into any strategic vision.
I'm absolutely swamped to lemme hop. Peace out, Rabbit! (3-1-3!)
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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