Watch for "migrations" (pins) to individual strike levels!
Move over Bobby Thompson. Take a seat Kirk Gibson. Hit the showers, Pedro. I've been to a lot of sporting events in my time but I've never heard the stadium as loud as it was last night. It was actually shaking! Aaron Boone? I turned to Minyan Michael Santoli as he dug into the box and said "he can save his Yankee career with one swing." By the time the sentence left my mouth, the ball--and history--was on its way. Noice!
Speaking of history, a lot of Minyans are wondering if recent events will continue. As the bulls snort and the bears short, all (weary) eyes are on earning, expiration and the potential elevation (to S&P 1050-1060). As I said to Minyan Mike last night, a potential spurt could tickle us through that level (1070?) but, consistent with the Burned Razor, I wanna layer in some downsides along the way. I've already started (partials) as I'm conscious of the overbought conditions and twisty stochastics into resistance. I'm also respectful of my "eyes" which see a tape that doesn't seem to wanna give it up yet.
The contingency plan? If we power through that zone, S&P 1150 will be the next logical resistance. I don't think we get there without (at the very least) some serious paws but let's take it one step at a time. Today's tells remain the financials (lotsa late day flow), the semis and internets (earnings), breadth and the horsies. And I'll say this--it's a good thing I'm writing these thoughts because I've got no voice to speak of!
Kick some tail.
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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