With the world turning circles running 'round my brain
I guess I'm always hoping that you'll end this reign
But it's my destiny to be the king of pain
Another session springs out of the gate and the critters are hard at work scanning the landscape for today's clues. Boo, wearing a sling on his left arm and sporting a black eye, has dragged a cot by my side and is monitoring the action with me, I.V drip and all. I told the little fella that every day's a new day, and he should keep his wits about him as we find our way. Positive thinking, brother, Ruby style.
The early action is noisy and sporadic and our trading tells are mixed. Morning breadth is pretty even on the big board (2:1 upvol/downvol) and the Nazz(2:1 upvol/downvol). Our big cap tech tells are doing the scarecrow (thataway), the BKX/SOX duopoly is clinging on to early strength, retailers act well and media is under pressure. Have enough to look at? Good, now throw the biotechs on your radar (they're typically a good indicator for the Nazz) as well as General Electric.
On the flow front, I saw some macro hedgies scooping E.T.F's out of the gate and the requisite futures buyers tagged along, but we saw the same thing yesterday. At the risk of Boo kicking me in the shin (with his good leg), the close is entirely more important than the opening. As you're quite aware, the market has absorbed supply and closed strong as a matter of course. An abatement of that pattern will likely be the first sign of a respite from Hoofy and his manic crew.
One more thing. Brent, will you please stop sending me cases of Brent & Sam's chocolate chip cookies! They're awesome, but you can almost hear me get fatter!
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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