Engine Room, More Steam!
You got it, Mister!
A couple of uber-quick thoughts as we head into the fray:
- The S&P will effectively fill the gap (from October 3rd) at S&P 1020.
- The NDX has an obvious gap from NDX 1360-1340.
- The perception of a "better" Microsoft (MSFT:NASD) may buoy the tape today.
- Most all of my trading coverage is telling me to buy the dip.
- The sector bell curve remains more stacked than Daisy (overbought).
- Europe is starting to edge back (still lower).
- Gold and the dollar, thus far, are acting "equity friendly."
- Nobody--and I mean nobody--I spoke to yesterday thought KLA-Tencor (KLAC:NASD) would miss.
- The first rally higher is likely a fade--but watch the breadth!
- This is the 25th straight week that the Investor's Intelligence bull/bear survey indicated more than 50% bulls. That hasn't happened since 1963. Amazing, considering the bubble gum fun.
- Thank you Paul Packer.
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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