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Trading in the Free World


It's semis vs. banks, part deux!


Snap back to reality,
Oh there goes gravity
Oh, there goes Rabbit, he choked
He's so mad, but he won't give up that


Well alrightee then. The opening drek was met with a bevy of short covering (and dip buying) and the averages tickled the turtles green. It's very thin out there, as evidenced by the wide gaps between prints, and that's causing some outsized moves in the averages. So you wanted to be a trader? Welcome to gut check time, 3-1-3 style!

I opined this morning that the first rally was likely a fade contingent on the breadth. Thus far, the internals on the big board are slightly negative while the four-letter freaks have two losers for every winner. The action is mighty impressive (given Asia and the news flow) but remember, Minyans, we've simply filled the opening gaps. Stay on your toes, please, as there's a lot of trading left in the session.

The most bullish thing on my screen is the traction in the financials. That's been the constant the last few days (S's over N's) and I'm carefully monitoring them for any signs of slippage. As the piggies go, so goes the market and, to be honest, I'm somewhat surprised by the shruggage thus far. Again, it's early, but I think that the key to the vault is in the banks.

On the macro front, the gold/dollar duopoly remains equity friendly (marginally) and Europe is grasping for traction (still crimson). I'm still in the "sell rallies" camp, my friends, but one man does not a market make. You've gotta look at your individual risk profile and time horizon and arrive at those decisions independently.

More importantly, I've just received word that my brother is in town for a court appearance (he's a lawyer--not the defendant). In honor of the Asian occasion, Fokker and I are gonna sport for a special sibling edition of SushiThursday. It's been a long time... but the mojo needs some spicin' up. Wasabi!

As always, I hope this finds you well.

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