Good Morning, and welcome back to the greatest show on Earth. We fire up our systems this morning to find the softer side of Europe as the Bourses across the pond are all off about 2%. The German DAX, meanwhile, is thisclose from making a fresh low for the year---again! Man, looking at the year-to-date returns across the world indices, it's clear that there weren't too many happy traders or investors. One thing for sure, my friends, the notion of capital preservation has been-and will continue to be---a viable strategy while dancing with the minx. She's feisty!
Our old friend Beeks (and his Gorilla) will stop by Minyanville this morning with the economic data, and Wall Street is waiting with bated breath. Again, expectations call for an Unemployment rate of 5.9%, US Avg Hourly earnings of .3%, Non-farm payrolls to add 6k, and US avg weekly hours of 34.1. Yes, it's been a long week, but you'll need to be on your toe for these reports. Have a second cup of joe...do some jumping jacks...splash some water on your face....do whatever it takes. Just be ready...and be sharp.
We discussed the crosscurrents ad naseum yesterday, but I wanted to toss one more level out there for you to put on your radar---S&P 775. That is the yearly intraday low for the S&P (July 24th) and, for some reason, it's a number that continues to get picked up by my trading antennas. Over on the Dow Jones, 7500 is a zone that's held a couple of times and should be monitored as well. This doesn't mean it's today's business, mind you, but it doesn't hurt to note our support zones.
Before we roll up our sleeves and jump into the muck, I have to tell you about my good friend Michael Beier. Michael chairs the annual Wings over Wall Street benefit that raises money and awareness for A.L.S, or Lou Gehrigs Disease. Last night, I was reminded of what true courage really looks like, as Michael proudly brought his family and friends together in an effort to defeat this terrible affliction. For all of you stressing about not making more or not losing less, take a moment to remember that there is more to life than trading....there is life. Michael, thank you for sharing your powerful spirit with us, we are all better people for it.
Good luck today.
No positions in stocks mentioned
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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