Is S&P 1210 my last chance to dance?
- A different kind of toga party.
- The chip shtick is good and thick (+2.5%) as the semis edge through the 200-day moving average. I won't argue that the fundamentals in this sector...how shall I say...suck? The bull case, however, is predicated on performance anxiety and participation. They're simply pawns in a much larger OPM game.
- Ben Bernanke's twin brother?
- The metals are trying to bounce after yesterday's technical break in gold ($460). I nibbled a bit on my silver plays and left plenty of room for further smeltage. I may be early (or I may be late) but these are longer-term plays and I'm leaving room for further smeltage.
- President Fish steps into group therapy.
- The homies are on a roll, so to speak, as the HGX tacks on a 3.3% gain and arrives at our aforementioned spate of resistance (HGX 507-514). If Boo is gonna make a stand, I would think that he's gotta roll up his sleeves soon.
- Setting the stage for more MidEast rage?
- And the trannies trade to all-time highs...
- Keep an eye on S&P 1210, Minyans, it's the 50-day moving average, the previous September breakdown point, the downtrend from the September highs and where we failed in front of Dell (DELL). I expect there to be some "buy stops" nestled on the other side of that wrestle.
- Poker? I don't even...
- Phil "my pockets" Erlanger will be taking the stage in tomorrow's Hamzei Analytics chat. I hold Phil in high regard and encourage Minyans to sit in on this intimate communiqué.
- Exxon Mobil (XOM) $58 remains an important inflection point for the energy patch.
- Barks and Bite.
- I've still got two legs in my metaphorical bull costume (50% conviction on the long side). I'm currently debating whether to roll up my stop again (and further define my risk) or take a deep breath and follow the lead from the brokers and trannies. My eyes tell me one thing. My gut tells me another.
- "The Dow Utilities Index (.UTIL) is a relative laggard out of the gate but so far has been able to hold support here in the 390 area. A move below 388 is a sell signal. For the IDU ETF a move to 74 would register a sell signal while 77 would break a quadruple top." -- Pepe Depew on today's Buzz.
- I miss Television's JeffMacke ©. Good dude and better friend.
- The piggies are up 8% from the October lows and is tapping at BKX "par" (100). Please keep close tabs on this sector as the financials hold the key to the year-end vault.
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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