Beeks delivers a "mixed" report and, as the numbers weren't a "disaster," we're seeing some early short covering in the futures pits. There was low level chatter in the street yesterday that the Unemployment rate would print with a "six handle," so the mere fact that it came in .3% lower is a relief to many (as were the August Payroll revisions). One things for sure, there will likely be a lot of noise in the first hour of trading, so factor that into your process.
As for today's trading action, keep one eye squarely focused on the financial complex for any signs of traction. The BKX is down 10% in the last two sessions and, with the Brazilian elections this weekend, they should continue to be the most important tell for the S&P. Hey Bucky...don't you think we should head on down to Brazil to make sure the elections run smoothly? Do me a favor, though....leave the Speedo's at home this time. Eww!
Over in four-letter land, the semis warrant attention as they continue to waffle around their yearly low (231). Also keep an eye on storage (to see how they react to EMC's miss) and CSCO (a decent harbinger for tech of late) as we look to identify the underlying tenor of the tech tape. It's a long day, friends, and it's been a long week. Still, lucidity is our friend and emotion is the enemy. Keep your head on today.
Tossing on my other hat and running into our morning mindmeld for a little strategy session. Don't forget, if you would like an email alert sent to you whenever the journal is updated, fire a missive over to JournalAlert@Minyanville.com. We should have that up and running for next week.
Good luck today....see you after the opening.
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 firstname.lastname@example.org.
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.
Get The Minyanville Daily Recap Newsletter
Stay current on financial news, entertainment, education and smart market commentary.