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Lapse of Consciousness


A soul in tension that's learning to fly
Condition grounded but determined to try
Can't keep my eyes from the circling skies
Tongue-tied and twisted just an earth-bound misfit

(Pink Floyd)

You can cut the tension with a knife, eh? It seems as if every trader on the street is diggin' their nails into their desk as we tick tock towards the opening bell. I'm not gonna tell you I'm not feeling it too, but I can tell you that the ability to clear the mechanism will result in better, more profitable decisions. Lucidity is our friend and emotion remains the enemy. Stay sharp.

Everybody in the free world is talking about the looming breakout in NASDAQ-land and it appears as if the Minx will try to poke her nose through on the opening. That level, if you've been in hibernation (no pun intended) resides at NDX 1070 or COMP 1425. The corresponding level on the big board is S&P 925, which is the previous November high. On the downside, NDX 1020 and S&P 890 (then 875) will act as support zones. Remember, if you choose to join the thundering herd, past resistance becomes future support so you can key of NDX 1070 as an inflection point if we confirm.

The GE particulars just hit the wire and while we digest them, I wanted to give you a heads up that the stock is trading up marginally. Regardless, this name becomes a chief tell today as they walk investors through a very long conference call. Peripheral tells include the brokers (poked through the 200-day, next resistance is XBD 450), the SOX (battleground and tech sentiment), MSFT and CSCO (horsies), Crude (continues to cweep higher), bonds (searching for the gators) and, of course, the internals (been the best intraday tell).

I enter today with a very warm two legs (50% conviction) in my bear costume and conscious that they want to get 'em up. Again, how you approach this zone is dependent on your particular style and risk profile. For my part, the contrarian in me views a breakout as a necessary vacuum before any meaningful downside can take place. I will be actively trading around that thesis and if (when) we get some spikage, I'll slip an additional arm into the fur. Hey, nobody said it would be easy!

In Minyanville news, we're working hard to dot the I's and cross the T's in time to get some merchandise online by tomorrow. We've picked out the highest quality cotton, beat it to a pulp (soft!) and tossed some critters on 'em. We think you're gonna dig it We'll also be offering Holiday Passport Packages (gift subscription packages available for the holidays) in the shape of Minyanville stock certificates. A critter in every stocking--how cool! For those that have inquired about the passport numbers, yes, we will be holding a lottery for passport numbers 2-100 (Ruby gets #0001) and we'll announce details of that shortly. Thanks!

Have a fantastic day.
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