Fare Ye Well Into the Bell
We've got a heavy few days coming our way so keep your head up and your eyes open.
So, you wanted to be a trader, eh?
I suppose we shoulda figured today was gonna be nutty from the gun. Between the overnight "did you see that?" to the always exciting expiration hangover to the pre-FOMC posturing to Earnings Avalanche: Part Deux.
We started strong, tested the bovine resolve and now, a kitten's whisker from thy bell that tolls, it appears as if Hoofy will snatch the Monday crown.
I've never been one to shy away from a good conspiracy theory but I'll humbly offer that the overnight demand had more to do with an expiration goof than some sorta master plan. I mean, if someone wanted the market higher, they would simply hit the BUY button all day and create eye-popping and incessant positive TICK readings. Oh....well, that's a conversation for a different time.
The just the facts Ma'am synopsis is that, at the end of the day, the bottom line doesn't lie. We are higher, there is constructive action in the brokers and the tape bends but doesn't break during probes. True, the ursine would prefer better breadth (or strong trannies, or firm homies, or...) but hey, if they're not gonna complain. Not when they've got jingle in their jeans and not when Peter Keating has proclaimed the market to be "back."
We've got a heavy few days coming our way so keep your head up and your eyes open. And keep an eye on that dollar, my friends, for further liftage could quell the equity swell.
Have a most mindful night.
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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