Good luck into the close!
Welcome to the Grand illusion
Come on in and see what's happening
Pay the price,
Get your tickets for the show
Elmer delivers a total non-shocker and announces the most delicate and diplomatic statement possible. The initial try is to the sky as traders try to fill the (very obvious) upside gaps. They haven't poked through--yet--but they're screaming for attention as we're rounding third. The question now becomes: are shorts waiting for lower prices (to cover) or are longs waiting for gap fillage (to sell)?
Outside of the obvious equity action, the greenback gave its green back, gold remains sluggo, the bonds are down--no up--no down-no up and crude is settling in under $30/barrel. Back home, the banks are laggy (still weighed down by arbitrage pressure in Bank of America (BAC:NYSE), Microsoft (MSFT:NASD) is red again and retail continues to flex.
The economic calendar is clean tomorrow and the earnings are a relative non-event so psychology will dictate the mood in the hood. Just as S&P 1020 quelled the dwell (Friday), S&P 1050-1060 will start getting louder if and when we approach it. The momentum certainly seems to be back in Hoofy's hands (trendlines held) but the horse race has only just begun. Expect the critters to jockey back and forth in this zone a bit.
I'm jammin' a bit so lemme juggle and huddle. I sincerely hope you all had a good day, my friends.
Fare ye well.
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 email@example.com.
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