I know that job you got leaves you so uninspired
When I come by to take you out to eat
You're lyin' all dressed up on the bed baby fast asleep
The opening bell clangs and Hump day in Minyanville is underway. I just turned to my paunchy sidekick Bucky and asked if the tape felt a little different to him today. Once he swallowed his (second) breakfast, he agreed that there was something peculiar about this morning's action...although we couldn't quite put our finger on it. It's probably for the best-he'd get muffin crumbs all over the Minx!
The uuber-early action is lethargic as traders wearily trudge into the muck and the flickering ticks are flickering a bit slower than usual. It continues to feel as is traders are looking for direction to establish itself so they can jump on board--despite that being a painful strategy of late. Indeed, the S&P is precisely where it was a month ago and the NDX has been in a holding pattern the last few weeks. If you've been chasing up and pressing down, you're likely whip creamed by now!
A check of the morning breadth shows a slight shift to the positive as winners are outpacing losers 3:2. The semicaps and banks opened firm and have, thus far, held their bid while the brokers feel like there's some early supply around. Drugs (not hugs) also feel a bit heavy but I haven't uncovered any smoke in that complex yet. Finally, soft goods opened (marginally) red across the board while the all-important retail group is mixed.
Meanwhile, the entire Menagerie just walked into my office and shut the door behind them. Bucky, Junior and JJ all looked at me to see what was up, but honestly, I haven't got a clue. It might have something to do with the pending launch (13 days!) and if I pick up anything I'll pass it along to the readers. I will so though...Daisy looks good!
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 firstname.lastname@example.org.
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