May peace be with you!
After all the jacks are in their boxes
And the clowns have all gone to bed
You can hear happiness staggering on down the street
Footsteps dressed in red
The afternoon swoon has picked up its tune and the rose has seemingly lost its bloom. As soon as the intraday (and yesterday's) low got taken out, the fence sitting sellers got involved. Now we're sitting directly on S&P 1050 and the bulls (and turtles) are toeing that line nervously. As discussed, S&P 1044-1050 (NDX 1400) is fairly important for the near-term.
The lowlights today belong to the brokers (-4%), semiconductors (-3%) and internets. The Minx put on a brave face for the better part of the session but the troops will typically follow their leaders. The rotation (into drugs/energy) continued and that was obvious from the opening bell. For my part, I've taken my drug exposure off and am actually eyeing the other way. A counter-counter-trend fade? It's confusing, even to me, and it's likely next week's business (if at all).
With the exception of a couple of scattered earnings reports (Lowes (LOW:NYSE), Home Depot (HD:NYSE), Analog Devices (ADI:NYSE)) and a few peeks from Beeks, next week has precious few known catalysts. It is an expiration week, however, and that should add a few more crosscurrents to the swinging seas. One thing for certain, today's session is gonna offer food for thought as we eyeball Thanksgiving.
I've just seen 3,000,000 SPY for sale as we slip into the final hour and that's my cue to juggle hats. This has been a fairly tough week (fighting the bug) but I'm hopeful that the requisite two-day respite will serve me in good stead. Whatever you choose to do, make sure you take some time to tune it out and turn it up. We work to live--we don't live to work--and I think we forget that all too often. You'll awake Monday morning to find Breakfast with Brodsky. Get psyched--this kid is good.
Have a peaceful weekend.
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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