- This morning's downside test stopped precisely at yesterday's low (we were intraday oversold at the time). Watch that zone (S&P 1043) if and when we try again.
- Watch Microsoft (MSFT:NASD).
- At 120 miles per hour, a Formula One car generates so much force that it can drive upside down on the roof of a tunnel.
- A lot of funds have fiscal year ends on Friday and that may be contributing to some window dressing.
- They were booing Van Horn when he was introduced and chanting his name by the end of the game. Welcome to New York.
- When unsure, trade "in between."
- If the market sputters, the focus will center on the inability to rally on good news, technical resistance and the "backward looking" GDP. If we gain traction, it'll be the obvious news of a "robust" economy.
- Minyan Robert Greene makes a good point--the sunshine state hosts the last two major championship trophies.
- Speaking of which, I will be out on Monday as I attend to business in south Florida. I'm pretty psyched to sneak a visit with the Margarita mama while I'm there!
- There is the potential that the S&P and NDX may be forming an inverse head and shoulders (1 month chart). If we don't hold yesterday's lows, look for the bulls to try and stem the tide at S&P 1036ish and NDX 1390ish. If those levels hold, it'll get louder (and more obvious). Not today's business but something to monitor as we scan the horizon.
- Dire Straits never got the recognition they deserved as a classic rock band.
- Outside of a few select issues (MSFT, KLA-Tencor (KLAC:NASD) and the storage sector, tech trades pretty firm.
- General Electric's (GE:NYSE) VP of corporate communications is Richard Wacker. I kid you not.
- Beeks will stop by for breakfast and deliver personal income (exp. .2%), personal spending (exp. -.1%), Wolverine confidence (exp. 89.5) and the Cubbie PMI (exp. 56).
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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