The Minx tries to establish a toehold above S&P 1060 and immediately gets slapped down. With so many folks staring at the same levels, we noted that the risk of head fakes would increase in kind and, thus far, the breakout was a classic crossover dribble. It remains to be seen if Hoofy can pull off the double reverse.
Either way, certain flies buzzed from the get go. The financials never got involved (the brokers are down a quick percent), the semicaps didn't participate and the internets--an important leading indicator--got hit with supply early. The breadth was the most bullish element of the morning dew but that, too, has reversed into a negative posture.
In sector land, traders continue to take drugs (rotation), retail is firm (after yesterday's mess) and the metals are once again shiny (gold is thisclose to $400). Over in Flow's Diner, the Nazzy futures buyer (who I believe has more to do) has been quiet after his earlier nibble. Shockingly, here comes S&P 1050. Ping pong anyone?
It's uber thin out there, Minyans, so put limits on both your orders and your emotions. And let's be careful out there--this game is not for the meek.
I'll be back.
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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