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The Ol' College Try

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Kenny Swaine just stopped by (with Mrs. Wormer) on his way to Delta House and decided to join us for our little proteinfest. Hey, Ken--you know that fat, drunk and stupid is no way to go through life, son. If you're gonna trade this tape, you'll need to take that pledge pin off your uniform and focus on what's in front of us. Let's take a midday read.



The Semi's continue to show leadership traction and that, coupled with the 3%+ rally of the BKX (off this morning's lows), is emboldening the buyers a bit. As well, the internals (breadth and upvolume/downvolume) have shown steady improvement as the day has worn on. As we discussed this morning, these were the types of "tells" we were looking for IF there was to be a rally today. There's a lot of time left in the day, mind you, but this has to be considered constructive action for now.



Remember, it's important to respect the price action but we must never defer to it. If you're playing for a little midday upside, you may want to consider setting "stops" below and "roll them up" to protect your gains. There's no one style to trade this tape (to each, their own)...how you approach this action is a function of your individual risk profile.



'Scuse the terse post...gotta hop. Hope this finds you well and having a profitable day.



R.P


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