The Charlie Daniel's Tape
He was in a bind, 'cause he was way behind
And he was willing to make a deal (The Charlie Daniels Band) This is a devil of a market, eh? I've spoken to a bevy of traders this morning who are schvitzing hard and trying to make heads or tails of the tape. I will tell you what I told them...don't press. Approach the market with steely nerved precision, remove emotion, and honor thy process. If the mechanics of your swing are sound, you will make contact...you just have to wait for your pitch. Two sectors to keep an eye on this morning are the retailers (dockworker strike) and the drug group (Lehman brothers upgrade). Both of these sectors hold decent weightings in the S&P, so if we're to look at the tape as a market of stocks rather than a stock market, we should pay attention to it's components. That said, I will continue to key off the banks (BKX), which have been waxed for 16% since last Tuesday's close. They've been leading the market around by the nose, so as they approach the July intraday low (602) on an oversold basis, we should monitor them closely See you after the opening R.P 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.
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.
Daily Recap Newsletter