The semis and biotechs are the early tell!
The morning flow is on the go as the ducks assemble in a row. The first thing that jumped out at me is the dual strength of the semis and biotechs which bodes well for an N's over S's day (and the N's in general). Remember, after an outsized day, there is typically a probe in the same direction. It remains to be seen if that probe takes us to Moon River.
If there is to be a set-up for Boo, there needs to be some green pastures first (me thinks). As it stands, they're trying to "go" although the breadth is thus far flat. The banks, after a sluggish start, are back above BKX 900 and there's a relatively better tone in the brokers. The dollar is flattish (a counter trend rally wouldn't shock me), gold is a bit softer, crude is up a deuce and Fokker walked into the office with a trapeze in his hand. A trapeze!
I continue to have half an eye cast towards S&P 1025-1030 and NDX 1365ish.
I'll be back.
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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