Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Pick-up Styx

By

Good luck into the close!

PrintPRINT


Welcome to the Grand illusion
Come on in and see what's happening
Pay the price,
Get your tickets for the show


(Styx)


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.
position in qqq

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 todd@minyanville.com.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

PrintPRINT
 
Featured Videos

WHAT'S POPULAR IN THE VILLE