As we continue to sow our garden, Snapper has done his part by planting the seed of fear in the bear's mindset. I haven't spoken to one trader this morning who wants to short the tape (gulp) as conventional wisdom dictates that the path of least resistance is up. If only I was conventional! Luckily, picking (and not pressing) into yesterday's red mess has given Boo some fresh powder with which to operate...and he'll likely have his chance!
The conferences continue en masse today as Goldman's capital goods fete kicks off while Solomon continues it's healthcare checkup with PKN, WYE, DNA, FRX, PFE, BOL, CHIR and OHP (among others). Over at the house of Prudential, KLIC, BMC, ORCL, NTAP, CA, CEFT, MCHP, CHKP, CREE, BEAS, PSFT, SAP, RFMD, NET, BRCM and MUSE (among others) will have a chance to state their case. Thus far, the aggregate voice of tech has been subdued so we'll be keeping our ear to the ground for any change of tenor.
Trading tells today will include (you guessed it) the financials, including the brokers (downgrade) and the insurers (negative article), the Semi's (sentiment), Microsoft, General Electric, IBM and Cisco (bellwethers), the biotechs, WMT (downgrade) and the breadth. I'm also going to be making some channel checks as to the "nature" of the buyers and I'll pass along what I hear.
Stay on your toes today, my friends, and don't trade emotional out of the gate. I've always felt that the first half hour of each day is "noisy," so let's take a fresh peek at 10am to begin our daily read. Most importantly, and in the spirit of Ruby, think positive. Attitude is everything and eye of the tiger is key. Trade to win-never trade "not to lose." It makes all the difference in the world.
See you after the opening.
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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